Another residential insurance company has decided to scale back its California offerings by halting new policies for condos, rentals, and boats starting next year.
SafeCo, a subsidiary of Boston-based Liberty Mutual, has decided to discontinue writing new insurance plans for smaller products in California over the next two years, the company confirmed Dec. 20.
Starting Jan. 1, 2025, SafeCo will stop writing new policies for condos, renters, and watercraft.
The insurer will also discontinue some specific home products written by a few of their many underwriting companies, and will continue to write home insurance in California, according to a company representative.
“During this time of increasing risk and volatility, we are building a sustainable business path forward in California by simplifying our product offerings and investing in the areas where we can win in the long term,” a spokesman for the company told The Epoch Times….