Landlord insurance rate doubles this year

[Tom R.]

A month ago I got a letter that my insurance company Farmers is discontinuing the cover I have but their partner Foremost will pick up my policy and I will be getting a letter from them with the new policy.

To no surprise the new policy is more expensive. What was a surprise is it is more than double the cost with a higher deductible and lower personal property coverage. I'm pretty sure what they did is illegal in California.

So now I'm shopping a new insurance company.

[Greg Scott]

Quote from @Tom R.:

A month ago I got a letter that my insurance company Farmers is discontinuing the cover I have but their partner Foremost will pick up my policy and I will be getting a letter from them with the new policy.

To no surprise the new policy is more expensive. What was a surprise is it is more than double the cost with a higher deductible and lower personal property coverage. I'm pretty sure what they did is illegal in California.

So now I'm shopping a new insurance company.

California's law has held insurance rates artificially low in that state.  This cap on insurance rates is why so many insurers have been leaving over the past decade.  As insurers leave, supply is reduced.  At some point, the pot boils over.