2 More Home Insurers Say Goodbye to California

Published on April 23, 2024

Two more insurers are set to stop renewing homeowner policies in California despite a recent rate hike approval. According to recent filings with the state’s Department of Insurance, Tokio Marine America Insurance Co. and Trans Pacific Insurance Co. will not be renewing homeowner and personal umbrella policies within the state, totaling about $11.3 million in homeowner premiums and another $400,000 for personal umbrella policies. In 2022, Tokio had the 18th highest market share in California for property and casualty insurance, or 1.45 percent, and Trans Pacific wasn’t listed. A request for updated figures wasn’t immediately returned by the Insurance Department. In total, around 12,556 homeowner policies will be impacted and 2,732 personal umbrella policies, according to the filing, with non-renewal notices being sent out as early as July 2024, effective July 2025....

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