Decisions by two major insurers to stop offering new homeowner's policies in California highlight the growing portion of America that's becoming close to uninsurable.The recent moves by State Farm and Allstate to stop offering new homeowner insurance policies in California have kicked off a national conversation on insuring risk in an increasingly perilous climate.
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Uninsurable America: Climate change hits the insurance industry
At an average of about $1,300 per year, home insurance rates there "have been artificially low for decades," Insurance Information Institute (III) spokesman Mark Friedlander tells Axios. "This means insurers have been writing business there for this very high risk. And they've been losing money."
