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Allstate insurance home inventory8/12/2023 ![]() "We paused new homeowners, condo and commercial insurance policies in California last year so we can continue to protect current customers," Allstate told CBS News. State Farm announced last week that it stopped accepting applications for all business and personal lines of property and casualty insurance due to inflation and "rapidly growing catastrophe exposure."Īnother prominent insurance company, Allstate, joined State Farm in halting sales of property and casualty coverage to new customers in California, noting that it was expensive to underwrite policies in the state with thousands of natural disasters taking place over the years. "But we're still seeing multiple offers and above-asking prices." "We thought with the increase in interest rates, momentum would slow down," Logan Francavilla, a Santa Rosa-based real estate agent, told San Francisco Chronicle. As a result, it is difficult to determine the exact impact of State Farm and Allstate pulling back home insurance efforts on market prices, particularly in fire-prone areas. While the inventory is low, the demand continues to remain high for homes in California. State Farm and Allstate have stopped issuing new homeowner policies in the country's most populous state over the past few weeks, citing wildfire risks and rising construction costs as the reason behind their decision. With two of the biggest insurance giants pulling back from California, home buyers can expect surging premiums and difficulty in finding coverage. Homeowners are not required by law in California to have insurance.While the inventory is low, the demand for homes remains high.State Farm and Allstate have stopped issuing new homeowner policies.
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