Home insurers are pulling back: protect your documents now

Insurify reports that home insurers keep retreating from high-risk states, and that some may pause new business or change the terms of existing policies, such as cutting coverage or raising premiums.

What happened

Insurify says insurers in high-risk states may pause new business, tighten underwriting, cut coverage or raise premiums. Insurers cite wildfire and storm losses, rebuilding costs, labor shortages and reinsurance costs. In California, State Farm and Allstate were reported as taking steps toward reopening to new business, but not yet accepting it.

What it means for your home

Policy terms can change, so it helps to know your coverage before you need a claim. Your records matter most when you file a claim. A dated photo record and offline copies of your papers make that process much easier.

What to do this week

• Take a video or photos of each room, including the inside of closets and drawers.
• Write a simple inventory of large items, with dates and rough values.
• Save copies of your policy and your insurer's phone number in a fireproof, waterproof bag.
• Keep a second copy of the photos and papers on a drive stored away from the house.
• Check your state insurance regulator's website for local rules.

For the rest of your family's papers and contacts, read Family emergency plan.