California homeowners face an insurance crisis. What will it mean for home prices in the state? – MarketWatch.com
March 25, 2024Californians are facing yet another setback on the housing front after a major insurer, State Farm said it is pulling out of 72,000 home-insurance policies — and the insurance industry’s steady retreat from the state could have a serious effect on home prices and sales. Jeff Taylor, Founder and MD of Mphasis Digital Risk, shares his thoughts on what this means for homebuyers and homeowners in the article.
The situation unfolding in California also highlights how insurance has become a major headache for homeowners across the country. Some people are considering moving due to sharp increases in home-insurance costs. In a December survey by Mphasis Digital Risk of 1,634 respondents across the U.S., 27% said they were considering moving to a different state to escape hikes in home-insurance premiums.
To know more, read the article.
