Navigating the evolving landscape of San Francisco home insurance, this post offers practical advice for those looking to buy a home in San Francisco, brought to you by the best San Francisco Realtors at Danielle Lazier Vivre Real Estate.

Shakeup in Home Insurance for San Francisco and California

As your trusty SF Realtors, our team at Vivre Real Estate is here to keep you updated on all things home-related. Today, we’re diving into the recent changes in the home insurance market in San Francisco and California.

Maybe you’ve heard the news: State Farm and Allstate, two of the nation’s biggest home insurance providers, have decided to stop selling new home insurance policies in California. The companies say this decision was driven by the increasing costs of rebuilding after wildfires, and the rising premiums for reinsurance. (That’s insurance for insurance companies. Yes, it’s a thing!)

home insurance in san francisco
These happy folks must have home insurance in San Francisco! And don’t worry—you can too.

What This Means for Buying a Home in San Francisco

So, what does this mean if you want to buy a home in San Francisco, or sell your home in San Francisco to buy another? Well, maybe not as much as you might think.

As top San Francisco Realtors “in the trenches” with home buyers and sellers, we are really not experiencing major changes to insurance availability here in San Francisco proper. Our beautiful home for sale listing in Marin County has had no issues either. But let’s break it down further.

Firstly, if you’re already a policyholder with State Farm or Allstate, don’t panic! Your coverage isn’t going anywhere. “It’s important to note that current customers will not lose their insurance,” wrote Michael Soller, deputy insurance commissioner at California’s Insurance department, in an email to CalMatters. But if you’re shopping around for new home insurance, you’ll now have two less options to choose from.

The Importance of Shopping for the Best San Francisco Home Insurance

As a side note, this development is also a reminder of the importance of shopping around for the best San Francisco home insurance. With fewer big players in the market, it’s more important than ever to explore all your options.

Through the course of helping hundreds of clients navigate more than $1 billion of SF Bay Area home sales since 2002, we’ve come to trust a select few insurance brokers—and we’re always happy to make an introduction, the next time you are shopping for home insurance in SF. One vetted vendor to whom we’re always confident in sending clients is Frank Nappi with Farmers Insurance. (Tell him Danielle sent you. 😉)

Proactive Steps for Protecting Your Home

Additionally, this is a wake-up call for all of us to take proactive steps to protect our homes from wildfires and other natural disasters. For those in a location at higher risk of wildfires, this could mean installing fire-resistant vents, clearing out vegetation under decks, or even retrofitting your home.

Drone image of burned homes and wildfire damage which has promted changes in home insurance San Francisco
Wildfires in the SF Bay Area are all too real and far too common. Fortunately, you can still easily get home insurance when you buy a home in San Francisco.

A Silver Lining in the Home Insurance Market

So, what’s the silver lining in all of this? Well, California is home to about 115 companies offering home insurance. Plus, state officials don’t believe more companies will follow State Farm and Allstate’s lead.

And let’s not forget, we’re Californians, known for our resilience, innovation and dashing good looks (if you ask one of us 😎). We’ve faced challenges before, and we’ve always come out stronger.

Your Best San Francisco Realtors Are Here to Help

In the end, we believe in the ingenuity and strength of our beautiful state and San Francisco Bay Area communities. If you’re looking to buy a home in San Francisco, don’t let these changes deter you. Reach out to us and we’ll guide you through every step! Click here to contact us.

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