California is in a doom loop. Crime, failed schools, homeless, illegal aliens DA’s protecting criminals, high taxes and Gavin Newsom being Gavin Newsom.
“Thousands of California homeowners will be out of luck as American National Group stops offering the state coverage.
American National, which was purchased by Brookfield Asset Management Reinsurance Partners for $5.1 billion around two years ago, is yet another insurance agency to leave the state as home repair prices surge amid wildfires and heightened HOA costs.
The insurance agency is leaving eight other states as well due to revenue losses, and all policies will officially end by this fall. Policyholders should expect their non-renewal notices as early as August.
Roughly 36,475 homeowner policies were covered in California by American National as of December, but soon these homeowners will have to find a new insurance company.
Home prices continue to go up. Bonds are passed making property taxes high. Add to that the cost of homeowners insurance, and we have priced all but the very rich out of homes. Notice the explosion of “affordable housing” built by government—yup government will control where we live, how we live and what we are allowed to do—they own the apartments.
Thousands of California Homeowners to Lose Their Insurance
Newsweek, 3/1/24 https://www.newsweek.com/american-national-group-stops-covering-home-insurance-california-1875220e 0:15
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Thousands of California homeowners will be out of luck as American National Group stops offering the state coverage.
American National, which was purchased by Brookfield Asset Management Reinsurance Partners for $5.1 billion around two years ago, is yet another insurance agency to leave the state as home repair prices surge amid wildfires and heightened HOA costs.
The insurance agency is leaving eight other states as well due to revenue losses, and all policies will officially end by this fall. Policyholders should expect their non-renewal notices as early as August.
Roughly 36,475 homeowner policies were covered in California by American National as of December, but soon these homeowners will have to find a new insurance company.
“This action is driven by significant and persistent profitability issues in the homeowner’s insurance market,” an American National spokesperson told Insurance Business Magazine.
The company also said “inflationary pressures driving up costs, increasing claims frequency, and competitive market conditions” contributed to the policy removal in California as well as eight other states.
Those states included Arkansas, Colorado, Louisiana, Minnesota, Oklahoma, South Carolina, South Dakota and Washington.
