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Farmers Insurance says it will add more policies in California

In a surprise announcement, California’s second-largest insurance provider, Farmers Insurance, says it is going to add more policies for property owners. Bob Redell reports.

In a surprise announcement, California’s second-largest insurance provider, Farmers Insurance, says it is going to add more policies for property owners.

Starting Saturday, Farmers told NBC Bay Area it will increase the number of new home insurance policies it accepts each month in California from 7,000 to 9,500.

Also starting on Saturday, Farmers said it will reopen coverage for new customers for renters and condominium insurance. In the coming weeks and months, Farmers plans to re-open its umbrella insurance, manufactured home, and dwelling fire coverage for new customers.

Farmers insurance stopped writing policies for California renters and condo owners last year, in part because of the huge losses and heightened risk from wildfires across the state. State Farm and Allstate also stopped writing new policies in the state, with thousands of homeowners having to go elsewhere for coverage.

California’s second-largest insurance provider announced it was going to add more policies. The surprising development comes after many homeowners have struggled to insure their homes. NBC Bay Area’s Raj Mathai spoke with Consumer Investigative Reporter Chris Chmura to understand the latest developments.

Farmers says it is adding new customers now because “we recognize that the state’s insurance marketplace has indeed improved.” The company credits recent changes the state Department of Insurance is trying to make.

In a statement, California’s Insurance Commissioner Ricardo Lara said of this update from Farmers, “This is a positive step forward for California homeowners, renters, and businesses who have faced significant challenges accessing coverage. While more work needs to be done, this is a clear sign our reforms are working.”

Source: https://www.nbcbayarea.com/news/california/farmers-insurance-more-policies/3734524/