State farm and all state are both large companies, kind of household name companies. As of 2021, they had about 20% of the home insurance market in California as market share. So for now, this is a no new customer policy.
Two insurance giants will stop issuing new policies for California homes. CalMatters reporter Ben Christopher and Vox’s Umair Irfan say insurers have determined what homeowners refuse to accept: Climate change has made some parts of the country too risky to live in.
This episode was produced by Avishay Artsy, edited by Matt Collette, fact-checked by Laura Bullard, engineered by Michael Raphael, and hosted by Noel King.
Transcript at vox.com/todayexplained
Support Today, Explained by making a financial contribution to Vox! bit.ly/givepodcasts
Learn more about your ad choices. Visit podcastchoices.com/adchoices