Insurance

A combination of economic and environmental factors are sending property and flood coverage premiums soaring, which can make costs insurmountable for some.

The announcement came after several major insurer said they would stop issuing new homeowner policies or renewing existing ones because California's current rules made it too costly to cover homes.

Reeling from four hurricanes in 2020 and 2021 that caused $23 billion in damage, the state is undergoing an insurance calamity that is harming its economy and even reducing its population.

The storm is slamming housing markets already beset by some of the nation's highest property insurance premiums.

The company, which is a large investor in mortgage servicing rights, hired a former MetLife executive it previously worked with to oversee the business line.

The growth in market share comes as the national insurance program has instituted a risk-based pricing regime that's led to some fluctuation in rates.

Major firms cite costly devastating hurricanes and widespread litigation against the industry as reasons to sunset policies for an unspecified number of property owners.

The first and fourth-largest home insurers in the Golden State won't issue new policies because of rising construction costs and exposure to catastrophes.

Homebuilders are among plaintiffs seeking a halt to the Federal Emergency Management Agency's overhaul.

The vendor said it'll be providing "staff augmentation" supported by a cloud-based system and data it has.