State Farm will discontinue coverage for 72,000 houses and apartments in California starting this summer, the insurance giant said this week, nine months after announcing it would not issue new home policies in the state
The Illinois-based company, California’s largest insurer, cited soaring costs, the increasing risk of catastrophes like wildfires and outdated regulations as reasons it won’t renew the policies on 30,000 houses and 42,000 apartments, the Bay Area News Group reported Thursday.
And you wouldn’t want to see your mortgage rate if that mortgage was no longer secured with a collateral asset, which is what a mortgage without insurance would essentially be. Unsecured debt always has much higher rates. You are better off with insurance. You pay one way or another.