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As wildfire risk continues to rise, securing affordable, comprehensive homeowners insurance coverage has become a major challenge for many California residents.<\/p>\n
Major Insurer Eliminates Homeowners<\/strong> helps improve planning, consistency, and publishing quality when teams follow a repeatable workflow.<\/p>\n But in a move that some interpret as a positive shift, Farmers Insurance has announced it will eliminate the cap on the number of homeowners insurance policies it offers in the state.<\/p>\n Since July 2023, Farmers has been restricting the number of new policies it issues in the state, most recently capping them at 9,500 per month.<\/p>\n “By removing the cap on offering new homeowners policies, Farmers is doubling-down on its commitment to California homeowners, expanding choice and availability for consumers across the state,” Behram Dinshaw<\/strong>, president of personal lines for Farmers Insurance, said in a press release.<\/p>\n “This is a great sign and exactly what we’ve been waiting for,” insurance expert Karl Susman<\/strong>, owner of Susman Insurance Agency in Los Angeles, tells Realtor.com\u00ae. “This will put enormous pressure on the rest of the industry, because they don’t want to lose out on the business that Farmers is now going after\u2014which means options will increase and hopefully prices will eventually decrease.”<\/p>\n However, that could take some time.<\/p>\n “Even as some insurers begin writing new policies again, the underlying risk environment hasn\u2019t improved enough to meaningfully lower premiums,” warns Hannah Jones<\/strong>, senior economic research analyst at Realtor.com.<\/p>\n