California's insurance crisis has intensified, with consumers flooding to the California Fair Plan. Insurers have limited coverage options, leading to inflated rates for essential protection.
Gigi Bannister, a consumer, exemplifies the crisis: "We pay over half of our mortgage on our insurance," highlighting the burden on residents amid rising costs.
Consumer advocate Jamie Court stated, "State Farm has said it does not need to insure one more policy holder," showcasing insurers' withdrawal from the market.
With seven insurers, covering 85% of the market, dropping out, 1,000 consumers are now forced to seek refuge in the California Fair Plan each day.
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