Another insurance company stops offering new home policies in California

[Auggie]

San Francisco Chronicle / January 24, 2024

Home insurance options in California will soon shrink further as another company pauses coverage in the state.

The Hartford Financial Services Group Inc. will stop offering new California homeowners policies starting in February. Included in the cut is Hartford’s joint homeowners insurance program with AARP. Those with existing policies, meeting the company’s underwriting guidelines, will continue to be renewed.

The California-specific change is due to “unique challenges that have required us to reconsider the viability of writing new homeowners’ business in the state,” according to a statement from Hartford. “Based on these challenges and our analysis of the trends, we have decided to stop offering new homeowners policies.”

A spokesperson for Hartford said the company needs the ability to price homeowners’ insurance appropriately for the risks they protect against.

LINK (paywall): https://www.sfchronicle.com/california/article/hartford-insurance-leaves-18624804.php

From the link: Hartford holds about 0.9% of California’s homeowners insurance market share. Not huge, but it I guess it all adds up.

[Timewas]

1. Pretty Bad Here also

Southern Oregon my policy was 600 year 3 years ago now 2000 ...........

[CountAllVotes]

12. It's like they want us to not be able to pay

I had ONE claim in 22 years, ONE.

And this is what I get, a policy that has doubled in price?

This sucks!

Why bother at all if you cannot afford it?

If I was able, I'd take a $20 an hr. job at the Subway, I really would.

Sadly, I can only stand for a few minutes and down I will go.

I fell in the garage on Sunday and thought I broke my hip. The neighbor next door just turns her head and walks away. She cannot be bothered with the likes of me. Nope.

I'm beginning to really hate this place. Some "neighbors". I help others in ways that I can with what skills I have to offer.

I was called "cheap" because I have an old analogue TV with a converter box on it to pull in a few TV stations as I don't have a few hundred a month for cable TV, a *smart* phone, etc. etc. ad infinitum.

Cheap? That angers me!

[quaint]

2. From September:

But Harvey Rosenfield with the consumer advocacy group Consumer Watchdog doesn’t buy it.

“We have a hard time believing that that can explain double-digit rate increases. The insurance companies have a profit motive constantly to raise rates, limit the amount of claims they pay, and seek higher rates from the insurance commissioner," said Rosenfield.

In fact, California’s insurance commissioner Ricardo Lara recently approved $1 billion in rate increases. And Consumer Watchdog said another $2 billion are pending.

“I think the insurance companies are taking advantage and trying to put pressure on the insurance commissioner to approve rates that are unjustified.” said Rosenfield.

NBC LA

I'm trying to figure out how much to put away each month (insurance and taxes personal impound)

[AllaN01Bear]

3. hem.

[quaint]

13. Is he not telling the truth?

Are the insurance companies playing fair with consumers?

[CountAllVotes]

4. My HO policy almost doubled

It was because of the wind storm last year that caused catastrophic damage where I live, or so they say.

I put the policy on my credit card.

I have no idea how I will pay for it.

I should have changed the deductible to $2500. Maybe it would be more affordable?



& recommend.

[Auggie]

6. By increasing our deductible last year I was able to afford way better coverage

The premium only went up a little.

[CountAllVotes]

8. I cannot afford to live where I am now

It not possible for those on fixed incomes and people like me who are disabled.

WE get nothing and live on next to nothing.

I've had my heat at 63 degrees. I cannot get through for LHEAP help.

Food stamps at $23/month.

I'll admit it, I don't know to do.

People like I am are left behind.

I worked a full-time job for over 20 years and this is where it is for me and far too many others in this same

I am so tired of this going no where existence.

[Auggie]

9. Your situation is sad news ...

I am so sorry.

[CountAllVotes]

11. There are others on this forum in the same situation

One person I know of is in a even worse situation than I am in.

It is tragic. We are of the same age and often wonder if this is not a plot to off the lot of *us*.

We are the ones that worked for $2.00 and $3.00 an hour.

We end up with nothing; perhaps an SS check if we paid into it.

I didn't pay into it as a Federal employee. I paid into the FERS instead. When I wised up and quit, they gave me $6,000.00 after 10+ years of their B.S.

I got pushed into the Federal work force by my late mother. She was convinced that SS would not exist by the year 2000. Well she was wrong, very wrong.

I fell for it not knowing what else to believe at the age of nineteen.

Thanks for the sage advice mommy dearest. Ugh.

She ended up with next to nothing as well but she was able to COLLECT my late father's University of Calif. pension. When my husband died 1-1/2 years ago, he left me with nothing to collect, just a stack of bills and now my life is a hell going from one disaster to the next it seems. Why me?

[jimfields33]

5. California and Florida need to figure this out.

If not, it will get worse.

[Auggie]

7. Could California offer its own not-for-profit insurance?

Basic insurance for all with rates adjusted for risk (it's only fair) but without shareholder dividends and executive bonuses.

[jimfields33]

10. Interesting. It would take a lot of beginning finances

To pay out while building a savings. The first few years would be a loss most likely. But in the long run would work.

[Timewas]

14. They might build on this

The California Insurance Guarantee Association (CIGA) and the California Life and Health Insurance Guarantee Association (CLHIGA) have been established to meet the obligations of insolvent insurers by "administering" (reviewing and paying, as appropriate) covered claims.