Safeco Halts New Condo and Renter Policies in California: What You Need to Know!

[Chris]

It seems another insurer is reconsidering its commitment to wildfire-threatened California. Safeco, a subsidiary of Liberty Mutual, plans to halt new condo and rental policies in the state at the start of next year. This move follows Liberty's earlier decision to stop underwriting these policies as well.

What implications do you think this will have on the market and homeowners' options? [Link to the full article here.](https://www.insurancejournal.com/news/west/2024/12/20/805665.htm)

 

[Markthebroker]

It's fine. Everything is fine. The insurance commissioner will fix everything. I'm fine. It's all fine.

 

[Al3x Lee]

Hold on... Let me act like I'm surprised

 

[Markthebroker]

I thought the market had bottomed out months ago. Apparently I was wrong.

 

[Markthebroker]

I want to know what @marindependent thinks.

 

[Allen Trent]

It seems another insurer is reconsidering its commitment to wildfire-threatened California. Safeco, a subsidiary of Liberty Mutual, plans to halt new condo and rental policies in the state at the start of next year. This move follows Liberty's earlier decision to stop underwriting these policies as well.

What implications do you think this will have on the market and homeowners' options? [Link to the full article here.](https://www.insurancejournal.com/news/west/2024/12/20/805665.htm)

In Safeco defense, they are owned by Liberty. So, Safeco shouldnt have their name tarnished by being a smart carrier to limit losses when it was Liberty that made the decision

 

[marindependent]

thought the market had bottomed out months ago

Could be - but my two cents say that we dont know what the bottom looks like until its a lot better. Could be months/ Years/ Decades...

Its also possible that everything could be great next week after Lara's plan is put into place.

I want to know what @marindependent thinks.

I think you can send all of those Renters and Condo Unit Owners over to Farmers Insurance as they are writing those now.

 

[Allen Trent]

Could be - but my two cents say that we dont know what the bottom looks like until its a lot better. Could be months/ Years/ Decades...


I think you can send all of those Renters and Condo Unit Owners over to Farmers Insurance as they are writing those now.

Lets see the rates first.

Sister in law is a Farmers agent. saw her this past weekend at Christmas party & none of the people in attendance have insurance with her. She says her rates are way higher than every other carrier except for the higher risk people that they get from buying leads, etc

 

[Markthebroker]

Lets see the rates first.

Sister in law is a Farmers agent. saw her this past weekend at Christmas party & none of the people in attendance have insurance with her. She says her rates are way higher than every other carrier except for the higher risk people that they get from buying leads, etc

Lol. So they're writing insurance again, but they're not writing insurance. Lol.