That’s really poor of State Farm, though unsurprising. And yet I’m still glad that they haven’t dropped my wildfire-adjacent home. The FAIR plan would be far more expensive, and no other insurer will write a policy that satisfies my mortgage company. FAIR is also underpriced at that, having already gone bankrupt once.
It’s kind of a disgusting capitalism-bootlicking for me to be grateful to State Farm, but they’re my least-bad option at the moment. I expect the private insurers as a group to convince Ricardo Lara that rates need to go way up, or the state will end up being the only insurer in an abandoned market. There’s no other way with the climate change reality and atrocious political conditions for action. The potential mortgage failures if the insurance market fails will threaten a financial crisis on top of whatever other government financial havoc has been wreaked by then.