Tag: California Department of Insurance

Homeowners insurance non-renewal protection issued to several Californian communities

Nordstrom
Homeowners Insurance Non-Renewal - neighborhood in California

Residents of almost 2.4M homes will benefit from a one-year moratorium against wildfire risk cancellation. Almost 2.4 million policyholders will be protected against homeowners insurance non-renewal for the next year. Millions of property owners faced having their policies cancelled due to increased wildfire risk. The historic wildfires that blaze their way through the state every year have caused homeowners insurance non-renewal trends to skyrocket in California. This has threatened the ability of many residents to find affordable coverage, or any coverage at all. That said, on December 31, California Insurance…

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Seek wildfire insurance reimbursement, says California’s Commissioner Lara

H. Cutner
Wildfire insurance reimbursement - fire burning

Ricardo Lara recommends homeowners and renters carefully record their expenses. California residents who have been evacuated are being encouraged to record their expenses in order to seek wildfire insurance reimbursement regardless of whether or not their properties are ultimately damaged or destroyed. The recommendation was made by Insurance Commissioner Ricardo Lara. Commissioner Lara pointed out that homeowners’ policies will often cover relocation costs, even when not seeking direct wildfire insurance reimbursement for damage or destruction of property. Earlier this month, more than 10,000 lightning strikes over a single weekend led…

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After California Department of Insurance investigation Libre must face $5.5M settlement

G. Turner
California Department of Insurance - judge gavel

The company will also bring to an end its transaction of immigration bonds within the state. Following an investigation by the California Department of Insurance, Libre will be facing a $5.5 million settlement, will stop transacting immigration bonds within the state, phase out its GPS ankle monitor use, and will issue credits to the clients who remain in arrears. The firm must also provide $420 in individual cash credits to clients who are not in an owing position. Beyond that, the settlement resulting from the California Department of Insurance (CDI)…

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State of California takes over control of former Berkshire insurance unit

G. Turner
Berkshire Insurance Unit - Warren Buffett of Berkshire Hathaway

The Department of Insurance said that it never gave its approval to the sale of the company. The California Department of Insurance have seized a former Berkshire insurance unit. The regulators claim that the sale of California Insurance Co. was in violation of state regulations. This is the latest step in the ongoing controversy regarding the sale of the unit. Earlier this week, the California Department of Insurance said that it had not given its approval to the sale of the Berkshire insurance unit with Applied Underwriters, a workers’ compensation…

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California homeowners insurance policies are becoming fewer and farther between

Nordstrom
California Homeowners Insurance Policies - House Fire - Fire fighters

As the state prepares for another dangerous wildfire season, coverage is in the spotlight. California homeowners insurance policies are becoming a serious subject at the moment. With the approach of the wildfire season, a growing number of property owners are losing their coverage. That said, the issue of spiking premiums and reduced availability isn’t anything new. A recent New York Times report looked at the issue of California homeowners insurance policies. It examined the way the state has been trying to manage these challenges for a long time. It pointed…

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