Wells Fargo is leaving the California renters insurance market due to violations

California Renters Insurance - Wells Fargo Building

The financial services giant gave up its license in the state as a part of a wider settlement. Wells Fargo is no longer licensed to sell or broker California renters insurance for at least three years. The firm has given up its license for personal insurance in the state as a part of a settlement with California. The bank agreed to the settlement over allegations of signing unknowing customers up for policies. Aside from no longer being able to sell California renters insurance and life insurance coverage, the bank also…

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California Legislature enacts homeowners insurance reforms regarding wildfires

california wildfire insurance - Homeowners insurance reforms

Victims of the fires that destroyed thousands of homes in 2017 will not benefit from the changes. The California Legislature has approved homeowners insurance reforms designed to boost consumer protections. This is particularly important as Californians battle with wildfire risks for yet another year. Devastating wildfires have become the new normal throughout the second half of every year. Wildfires are occurring statewide and the Legislature decided it was time to come to terms with these new trends. This was reflected in the new homeowners insurance reforms that have received approval.…

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California providers start dropping their high risk insurance customers

High risk insurance - Wildfire in Forest

Insurers have started withdrawing coverage from the most wildfire vulnerable areas. As wildfire season heats up, insurers across California have started to drop their high risk insurance customers. Homes that are the most vulnerable to wildfire may not be able to find coverage within the state as the flames start to spread yet again this year. Liberty Mutual and other insurance companies are stepping away from the highest wildfire risks. This trend could cause a growing number of Californian homeowners to find themselves without wildfire insurance coverage for their properties.…

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California home insurance is harder to get with each new climate-related disaster

California home insurance - Home in California

Insurers take wildfires, high tide flooding and other issues into consideration before selling a policy. California home insurance is becoming increasingly challenging to find for many homeowners affected by climate-related disasters. Insurers are using climate science to estimate the risk associated with a property when it comes to a number of different perils. Insurers are no longer assuming that homes that were once in low-risk areas continue to be so. The last few years have shown that homes never affected by climate-related disasters are not immune to those events. High…

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Could Hippo Insurance model really change the homeowners market?

InsuranceBee and Hiscox launch insurance agent partner program

The startup insurer officially launched in California with a new way of looking at coverage. Hippo Insurance had its official launch in California this week and has taken a different perspective for homeowners policies. The concept is to offer smart homeowners insurance for modern homes. This insurance company is based in Mountain View, California and hopes to freshen the market. The insurer claims that the homeowners insurance market has barely seen any change at all in fifty years. Hippo Insurance hopes that with the changes it’s making, consumers will be…

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