Home insurance in California has been underpriced for a long time. Since 2013, insurers spent $1.08 for every $1 premium collected, with CSAA Insurance paying out $1.14 for every dollar in 2023, leading to an unsustainable market.
Insurers struggle to maintain a sustainable business in California due to rising wildfires, extreme weather, high construction costs, legal system abuse, and regulatory challenges, impacting mortgages, real estate, banking, and construction sectors locally and globally.
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