[Overregulated...] Another insurance company is rolling back coverage in California

https://ktla.com/news/california/yet-another-insurance-company-is-rolling-
back-coverage-in-california/

(KTLA) – Another major insurer is pulling back on its offerings in 
California, forcing tens of thousands of customers to find other options.

SafeCo, a subsidiary of California’s fourth-largest home insurer, Liberty 
Mutual, has announced that it will stop offering policies for new rental 
and condo customers on January 1, 2025. Existing customers will be able to 
keep their current policies until 2026.

A spokesperson said that Liberty Mutual will still maintain a presence in 
the state, although it plans to streamline its services.

Safeco has roughly 88,000 active condominium and renters policies in 
California, the San Francisco Business Times reported. 

“We are simplifying and focusing our product investments, targeting core 
lines of business while reducing our menu of product offerings,” a 
spokesperson for Liberty Mutual said, according to the Times.

Liberty Mutual is the latest in a growing list of insurance companies to 
pull back on coverage in the nation’s most populous state.

Last year, State Farm General Insurance Company stopped offering property 
insurance policies in California, including all business and personal 
property coverage, citing “historic increases in construction costs 
outpacing inflation, rapidly growing catastrophe exposure, and a 
challenging reinsurance market.” 

Allstate made a similar decision last year, and now, with the latest news 
from Liberty Mutual, insurance options for California residents are 
becoming increasingly thin.

California Insurance Commissioner Ricardo Lara has introduced a strategy 
to stabilize the market, including efforts to encourage insurers to stay 
by addressing climate risks and promoting sustainable practices. A 
proposal would permit insurers to use computer models to predict future 
risks when setting premiums while mandating that they provide coverage in 
high-risk areas proportional to their market share.


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