State Farm has announced it will not renew home insurance policies for customers in certain affluent areas of Los Angeles, including West Los Angeles, and neighborhoods near the Santa Monica Mountains such as Bel-Air, Pacific Palisades, and Woodland Hills. This move is part of a broader trend among insurers like State Farm and Allstate to withdraw from fire- and flood-prone areas, potentially affecting home values. The decision is expected to impact approximately 30,000 policies in California, amid forecasts of increased rates due to the upcoming hurricane and wildfire seasons. The specific Southern California communities affected have been listed by zip code. In total, State Farm is quietly dropping 72,000 insurance policies in recent wildfire areas in California, a decision influenced by climate change concerns.
State Farm cutting coverage: Here's a list of the SoCal communities impacted by zip code https://t.co/fGm1JmQGDg
State Farm is quietly dropping 72,000 insurance policies in recent wildfire areas in California. Climate change is creeping up from every direction.
Hurricane, wildfire seasons expected to lead to spike in home insurance rates https://t.co/2v00ucqxd8
Upscale Westside L.A. neighborhoods hit very hard by State Farm home insurance cancellations https://t.co/65iELZwlxv
Insurers such as State Farm and Allstate are leaving fire- and flood-prone areas. Home values could take a hit https://t.co/f1gAoqROTB
One of the biggest Calif. home insurance companies won't be renewing 30K policies https://t.co/ToMJaoV2aX
State Farm targets wealthier areas of Los Angeles for insurance policy non-renewals https://t.co/fbYWvFTjjs
Upscale Westside L.A. neighborhoods hit hard by State Farm home insurance cancellations https://t.co/xrYLAF4ZjJ
A majority of State Farm customers in West Los Angeles as well as in or near the Santa Monica Mountains including Bel-Air, Pacific Palisades & Woodland Hills are going to lose their coverage. By @LATvives https://t.co/hZe2gWKYiC