Overview

• Farmers Insurance announced it will write 9,500 new homeowners insurance policies each month in California, up from the previous cap of 7,000.
• Starting December 14, Farmers will resume offering condominium and renters insurance to new customers, with other paused coverage lines being phased in through March 2025.
• The insurer's decision follows regulatory changes in California designed to stabilize the property insurance market and address wildfire-related risks.
• California's insurance market has faced challenges, including billions in wildfire-related losses and major insurers halting new home insurance policies in the state.
• Consumer advocates have expressed concerns that regulatory reforms could lead to higher premiums without ensuring sufficient coverage in high-risk areas.