Guard exits California home insurance market

Guard Insurance is exiting the home insurance market in California.

This move follows similar exits by other insurers facing wildfire risks and regulatory challenges. Tokio Marine America Insurance Co. and Trans Pacific Insurance Co. plan to withdraw entirely from California this month.

Additionally, four subsidiaries of Kemper haven’t renewed their home and auto policies starting this year due to a nationwide restructuring.

Other insurers have also taken similar steps. Hartford stopped issuing new home insurance policies in California and Florida.

American National announced it will stop offering home insurance in nine states, including California, effective February 29, 2024.

State Farm has announced it will not renew approximately 30,000 home, rental dwelling, and other property insurance policies in California, starting July 3, 2024. Furthermore, on June 28, State Farm filed for a 30% average rate increase for its home insurance program in California, affecting over 1.2 million policyholders, effective January 1, 2025. Additionally, on July 5, State Farm filed for a 38% rate increase for its rental dwelling program, also effective January 1, 2025, and impacting over 260,000 policyholders.