Climate change has made home insurance hard to get in California, and Arizona could be next
Several major homeowner’s insurance companies have effectively pulled out of California. State Farm announced recently it will no longer sell most types of new insurance policies in the entirety of the Golden State. Allstate stopped selling new home insurance policies there last year.
Why? State Farm cited wildfires and sky-high construction costs. Or, to use their phrase: “rapidly growing catastrophe exposure.”