Here’s which San Diego zip codes will be dropped by State Farm

SAN DIEGO – State Farm is dropping 30,000 homeowners insurance policies in California starting this summer.

Including homeowners living in 50 San Diego County ZIP codes.

“With what’s happened in our insurance market, these companies are just not profitable in California,” said Matthew Clark of C3 Risk & Insurance Services.

Clark knows all about the consequences of State Farm’s decision.

Many of his customers live in Rancho Santa Fe, where more than 50 percent of all State Farm insurance policies are abandoned.

“I had a customer contact me. His premium was State Farm and it’s going to be canceled in July. With State Farm it was about $12,000. And his new premium is going to be $40,000. Overnight next day, you know, it happened, you “I know, they used to pay a normal premium for the area. But now they’re looking at, you know, almost 4x,” Clark said.

Earlier this week, State Farm revealed where it would end its coverage, citing inflation, regulatory costs and growing catastrophe risks.

Of the 50 affected ZIP codes in San Diego, those located in Rancho Santa Fe top the list, followed by Jamul, Tierrasanta, Lakeside, El Cajon and Mission Valley.

“It’s definitely a tough time. Right now it’s about as bad as it’s ever been in my 30 years of authentic work,” Karl Susman is an industry expert insurance company and owner of Susman Insurance Agency.

Susman’s best advice for those affected is to start looking for a new insurer immediately and don’t hesitate when you find an alternative plan, even if the amount is probably more than you’re used to paying.

“If you receive a non-renewal letter from State Farm today, it does not mean your coverage ends tomorrow. It means you will not be renewed for the next renewal of your policy. It means you should take time right now as much time as possible to start looking for replacement coverage. Because, as you probably know, replacement coverage, as you probably know, is very hard to find. If you find something that you can get now, don’t wait for your policy to not be renewed. Take this new policy, you can either have duplicate coverage or just cancel the State Farm policy early,” Susman said.

You can always sign up for the state’s Fair Plan, which is available to everyone, but it’s expensive, doesn’t offer as much coverage, and there is currently a backup with so many people applying.

Another thing to keep in mind if you’re not dropped: State Farm’s credit rating has been downgraded to ‘B,’ meaning some of its customers may have trouble getting their loans paid. complaints.

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