New California homeowners’ insurance and home hardening bill introduced

California homeowners insurance - person signing paper

The legislation would require mandatory policy issuance and create a residential grant program. A new California homeowners insurance bill was introduced by Assemblymember Marc Levine (D-Marin County) to require mandatory issuance of policies. It would also form a new grant program for residential home hardening for properties in areas with a sizeable wildfire risk. Assembly Bill 1755 would require insurers to provide coverage to customers that have hardened their property. Assembly Bill 1755 would require that California homeowners’ insurance companies must issue a policy to property owners in the state…

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Homeowners insurance rate challenge partially lost by Mercury

California Homeowners Insurance

The insurer has failed to win a segment of its ongoing legal challenge in California. Mercury Insurance Group, the massive company serving California, has just lost a segment of its ongoing homeowners insurance rate legal challenge that it made against an order from state regulators. The petition to delay the decrease in the insurer’s rates which had been ordered upon them was rejected. The insurer lost their petition for the homeowners insurance rate decrease delay in the Sacramento Superior Court. The result will be that approximately 270,000 residents of California…

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Homeowners insurance rates at State Farm to decrease in California

Homeowners insurance New Jersey

It is estimated that the average premiums will drop by 12.6 percent across the state, starting April 15. The largest homeowners insurance company in California has just announced that it will be reducing its rates across the state by an average of 12.6 percent for over one million customers, as of halfway through April. The average customer should expect to see an annual reduction in premiums of about $100 in 2013. The actual drop that will be seen in the rates paid by consumers will vary from one area to…

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New insurance regulations for California homeowners take effect

Despite numerous challenges, a new set of regulations for California homeowners took effect on June 27, 2011. These changes were geared toward improving the standards and training processes for the replacement value estimations of a homeowner’s insurance should a disaster occur. At the same time, the controversial alterations are still being contested by two insurance trade associations. The new cost regulations include the following (California Code of Regulations Section 2695.183 (h)): • Conditions for outlining the requirements that involve the replacement cost and value estimates designed to improve comprehensiveness, consistency,…

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California insurer announces rate reduction

In a time when most insurance companies are raising rates on their property coverage, USAA is lowering theirs. Policyholders in California will see their rates drop an average of 15%. The rate change has been approved by the California Department of Insurance and is being lauded as a move to ease the financial burden of individuals and families struggling with a troublesome economy. Insurance Commissioner Dave Jones was particularly elated at the news as he has spent the better part of this year battling the state’s insurers regarding proposed rate…

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