insurance

California's insurance crisis: Coverage is critical in the event of ‘The Big One'

NBC Universal, Inc.

When talk turns to rebuilding after a devastating earthquake, the word "resilience" is heard quite a bit. But insurance also is critical, and many Californians have found themselves looking for coverage as providers bail out.

Two more insurance companies this week gave notice to the state of their intention to withdraw from California this summer.

Tokio Marine America and Transpacific insurance are not major players, but their withdrawal comes on the heels of Allstate, State Farm and Liberty Mutual’s Safeco announcing they are not issuing new homeowner policies.

Kris Sanchez has the full report in the video above.

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