Gary Mendoza, Republican nominee for California Insurance Commissioner, expressed concern over State Farm General Insurance Co.’s announcement that it will no longer accept new homeowners business in the state.
“The strength of the homeowners insurance market in California impacts all of us – it’s fundamental for first-time home buyers as well as those who want to move into larger homes to accommodate growing families. State Farm’s news is also bad news for California’s real estate and construction businesses, which are already grappling with declining access to affordable insurance,” Mendoza remarked.
According to Mendoza, one of the most important responsibilities of the California Insurance Commissioner is to ensure that consumers can obtain affordable insurance products.
“But given John Garamendi’s disastrous previous record as Insurance Commissioner in the 1990’s, when the California homeowners insurance market ground to a standstill, it’s difficult to see how he is the right person to deal with this challenge,” Mendoza commented. “Can California’s consumers and businesses really afford four more years of John Garamendi’s politically-driven mismanagement given the seriousness of the situation?” asked the Republican candidate.
Garamendi is the Democratic candidate for the state office.
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