Travelers Expanding Homeowners Insurance in California

Good news for California where insurers either cancel policies, or are not wanting to write any at all. The Travelers Companies is going to expand homeowners insurance offerings in all parts of California.

Last week Travelers executive vice-president and president of the company’s personal lines, Michael Klein told the California Department of Insurance that it wants to expand homeowners sales across the state and said Commissioner Ricardo Lara’s Sustainable Insurance Strategy is the reason why.

“Offering risk-based pricing for coverage facilitates a fair, competitive and healthy market for all participants,” Klein said. “It will also allow us to responsibly operate throughout the state while supporting our ability to meet our obligations and fulfill our promise to customers.”

The company is also going to increase discounts for homeowners doing wildfire mitigation like installing vents that are ember-resistant, putting Class A roofing on their homes and increasing defensible space around the property.

Source link: Insurance Journal — https://bit.ly/4n7pieL