State Farm says it will offer renewals to policyholders affected by the Los Angeles County fires. The announcement reverses its initial plans to drop coverage.
The decision affects policies for homeowners, renters and condo associations. It includes about 70% of the residential policies it has in Pacific Palisades.
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The coastal community has suffered significant destruction in this month’s fires, with widespread damage and most residents forced to evacuate their homes.
Thousands of other policyholders around LA County will also be able to renew. However, the offer will not apply to policies that lapsed before Tuesday, Jan. 7.
The Illinois-based insurance giant drew criticism in California for its decision last March to not renew thousands of insurance policies in the state, as many areas in California face increased risk of natural disasters.
State Farm’s decision comes after the California state insurance commissioner’s office pushed insurers to hold off on not renewing policies for people in fire zones.
A spokesperson for the insurance commissioner said the office is working with State Farm to get more information.
