(Airdate: 2024-04-11) CBS - KFMB - 50 San Diego zip codes where State Farm will drop policies

Published Date: 04/11/2024

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

Including homeowners living in 50 zip codes across San Diego County.

"With what's happened in our insurance market, these carriers are just not profitable in California,” said Matthew Clark with C3 Risk & Insurance Services.

Clark knows all about the fallout from State Farm's decision.

State Farm

Many of his clients live in Rancho Santa Fe, where more than 50% of all State Farm policies are getting dropped.

"I had a client reach out. His premium was State Farm and he's getting a cancellation in July. With State Farm, it was around $12,000. And his new premium is going to be $40,000. Overnight, you know, it just happened, you know, they used to pay a normal premium for the area. But now they're looking at, you know, almost 4x," said Clark.

Earlier this week, State Farm disclosed where they will discontinue coverage, citing inflation, regulatory costs and increasing risks from catastrophes. 

San Diego Zip Codes

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

"It's definitely a difficult time. Right now, it's about as bad as it's ever been in my 30 plus years doing this genuinely," Karl Susman is an insurance industry expert, and owner of Susman Insurance Agency.