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Submission: On April 20 via manual from US — Scanned from US
Submission: On April 20 via manual from US — Scanned from US
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Skip to main content Display Advertisement Sign in Mail 24/7 Help For premium support please call: 800-290-4726more ways to reach us Mail Sign in * Subscriptions * Animals * Business * Elections * Entertainment * Fitness * Food * Games * Health * Home & Garden * Lighter Side * News * Online Classes * Science & Tech * Shopping * Sports * Weather Sign in * Subscriptions * Animals * Business * Elections * Entertainment * Fitness * Food * Games * Health * Home & Garden * Lighter Side * News * Online Classes * Science & Tech * Shopping * Sports * Weather CALIFORNIA LOSES 2 MORE PROPERTY INSURERS IN GROWING CRISIS Breck Dumas April 19, 2024 at 1:10 PM Two more insurance companies are ending property insurance coverage in California, adding to the growing list of insurers fleeing the state in what has become an escalating crisis. Tokio Marine America Insurance Co. and Trans Pacific Insurance Co., both owned by Japanese firm Tokio Marine Holdings Inc., filed notices to California's Department of Insurance saying the companies would cease offering homeowners insurance and umbrella policies in the Golden State. Homeowners in California are facing loss of insurance coverage and surging premiums as companies flee the state. The move will impact more than 12,500 policyholders, who can expect non-renewal letters starting July 1. CALIFORNIA HOUSING CRISIS TURNING MANY WORKING-CLASS TOWN INTO ‘MILLION-DOLLAR CITIES’: REPORT "Given the small segment of personal lines business we write and escalating costs, we cannot sustainably support personal lines coverages and do not plan to return," Tokio Marine Holdings said in an emailed statement to Bloomberg. "We remain committed to commercial lines in California – and across the country – and supporting our agents and customers with exceptional service through this transition." FOX Business reached out to Tokio Marine Holdings for comment. READ ON THE FOX BUSINESS APP Property insurers are leaving California in what the state's insurance commissioner says is "a real crisis." The decision is the latest blow to California property owners, as insurance companies continue to raise rates for customers or discontinue coverage. Advertisement In 2022, insurance giant AllState paused its sales of new home insurance policies in California due to wildfires and higher costs of doing business in the state. AUTO INSURANCE PREMIUMS ARE SKYROCKETING. WHAT'S TO BLAME? State Farm followed suit last year, saying it would stop accepting new home insurance applications in California due to "historic" increases in construction costs and inflation. A sign is posted in front of a State Farm insurance office on January 03, 2024 in Berkeley, California. State Farm announced on March 20 it would discontinue 72,000 insurance policies in the Golden State. After State Farm announced last month that it would cut 72,000 home and apartment policies in California because of inflation, regulatory costs and increasing risks from catastrophes, California's insurance commissioner, Ricardo Lara, told KCRA, "This is a real crisis." According to KCRA, seven of the 12 largest insurance groups in California have either paused or restricted new homeowner policies in the past year. FOX Business' Chris Pandolfo and Kristine Parks contributed to this report. Original article source: California loses 2 more property insurers in growing crisis Show comments Advertisement IN OTHER NEWS Entertainment Entertainment Associated Press DICK VAN DYKE EARNS HISTORIC DAYTIME EMMY NOMINATION AT AGE 98 Entertainment Us Weekly WHAT REALLY WENT DOWN BETWEEN TAYLOR SWIFT AND KIM KARDASHIAN? Finance Finance NBC Universal CAR INSURANCE RATES ARE NUTS RIGHT NOW. HERE’S HOW TO LOWER YOUR BILL WHEN CASH IS TI… Finance Business Insider STOCK MARKET TODAY: S&P 500 FALLS FOR 6TH DAY IN A ROW AMID WEAKNESS IN MEGA-CAP TECH Food Food Women's Health TAYLOR SWIFT'S FAVORITE FOOD IS A SURPRISING CHOICE Food Cheapism MEATY ISSUES: BEST HOLE-IN-THE-WALL BBQ JOINTS ACROSS AMERICA Lighter Side Lighter Side The Today Show 60 WESTERN-INSPIRED ‘COWBOY’ BABY NAMES Lighter Side The Today Show MAN, 110, WHO STILL DRIVES HIS CAR EVERY DAY HAS SIMPLE TIPS FOR LONG LIFE Sports Sports Yahoo Sports JETS QB ZACH WILSON IS SKIPPING OFFSEASON WORKOUTS WHILE HOPING TO BE TRADED Sports USA TODAY BOXER RYAN GARCIA MISSES WEIGHT FOR SATURDAY FIGHT, LOSES $1.5 MILLION BET TO DEVIN H… Weather Weather USA TODAY EARLY FORECAST SAYS SUMMER 2024 IS SET TO BE UNUSUALLY HOT ACROSS MOST OF USA Weather Fox News CDC WARNS OF EXTREME HEAT DANGERS AMID ‘RECORD-BREAKING HIGH TEMPERATURES’ Advertisement Advertisement Show comments Advertisement * * Feedback * Help * Join AOL * * Accessibility * EU Digital Services Act * Terms and Privacy Policy * Your Privacy Choices * * About Us * About our Ads * Advertising * Sitemap * * * * * © 2024 Yahoo. All rights reserved.