Blog:
Hey fellow agents! Big news in the Golden State – Tokio Marine America Insurance Co. and Trans Pacific Insurance Co. are the latest to pull back from California's homeowners and personal umbrella markets. 😬
These companies join a growing trend, making it even tougher for our California clients to secure the coverage they need. We're talking about over 12,000 homeowners' policies affected!
Why the mass exodus? The companies haven't said yet, but we can all guess the usual suspects - wildfire risk, rising costs, and the always-tricky reinsurance market.
Remember, this follows on the heels of similar moves by State Farm, Allstate, Farmer's, and others. It's a full-blown insurance crisis out here! 🤯
So, what does this mean for us agents?
- Time to double-check your client list. Are any of them insured with the affected companies? Start lining up alternative coverage options ASAP.
- Prepare for an influx of inquiries. Worried homeowners are going to be looking for answers, and we need to be ready with guidance.
- Stay tuned for more developments. Sadly, this trend probably isn't over yet.
Let's use this as an opportunity to prove our value and advocate for our clients. 💪
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