California Insurance Commissioner Lara warns consumers of flood insurance fraud

Flood Insurance Fraud

As San Diego County started its clean-up efforts, residents are warned of dubious companies preying on victims. Flood insurance claims are up in San Diego, where hundreds of properties and vehicles were damaged and destroyed by recent flooding, but California Insurance Commissioner Ricardo Lara has placed his department on alert for fraud and other illegal activities targeting the victims of the flooding. The Department is already receiving reports that consumers claim public adjusters have been contacting them. Immediately after the recent floods, some home and business owners say they were…

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Home insurance companies remind customers to use these tips to avoid claims

Home insurance - Tips for Consumers

Weather-related claims are high at this time of year, but insurers hope prevention will help. Though springtime is still a few weeks away, the fluctuation of weather between winter and spring trends can cause issues that lead to damage and therefore home insurance claims. With the addition of extreme weather events, this time of year can be particularly damaging. Home insurance companies have been releasing tips to customers in the hopes that a bit of prevention will go a long way in reducing the risk of damage from the types…

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Decoding the Implications of State Farm’s 20% Insurance Rate Increase in California

state farm insurancecalfornia homeowners insurance crisis

When State Farm, a leader in the insurance industry, announced its decision to raise homeowners insurance rates in California, it echoed a growing trend of economic adaptation amid a changing environmental and financial landscape. This increase spotlights the intricate dance between insurers and the forces that dictate market stability, from the escalating severity of natural disasters to the swelling costs of home repairs and the unyielding pulse of economic inflation. As we unpack the manifold reasons behind such a significant uptick in insurance costs, we also delve into the labyrinth…

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California condo insurance company leaves the state

Condo insurance

Farmers subsidiary Foremost has announced that it will no longer sell this type of coverage in the state. Farmers subsidiary Foremost Insurance Co. has announced that as of April 2024, it will stop selling condo insurance in California. The California Condominium Homeowners program will be coming to an end at that time. This makes Foremost only the latest among many insurers that have decided to withdraw from selling coverage in the Californian market. Homeowners’ and condo insurance have been increasingly difficult for many residents to find, and those who do…

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California fire insurance FAIR Plan now has 350,000 policyholders

Fire insurance - Home Coverage - California

The coverage of last resort is now writing more policies, but not all plan members are satisfied. California’s FAIR Plan, its fire insurance coverage of last resort, is now writing a growing number of policies as homeowners turn to the coverage out of a lack of alternatives. The more policies the FAIR Plan writes, the less satisfied homeowners report being with it. Homeowners have been registering complaints regarding the poor services they are receiving from their fire insurance companies, about the rising costs associated with coverage, and about the threats…

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