California Department of Insurance estimates suggest $1.05 billion in wildfire damage

forest fire California wildfire loss

Official estimates indicate that the devastating wildfires that plague the state will create billion dollar losses. The California Department of Insurance has released an estimate for the damages left behind by the catastrophic wildfires that have left historic damages in the state. The department believes the insured wildfires losses will reach at least $1.05 billion. This estimate is based on the claims received so far from the eight largest Californian insurance companies. Following that estimate, the California Department of Insurance also revealed that it expects the figure to grow. By…

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Lemonade insurance company heads into California with new license

lemonade insurance company

The tech-based insurer launched in New York and sells renters and homeowners insurance policies. The new Lemonade insurance company that made a splash in New York when it launched in the second half of 2016 is now stepping into California. This new tech-based insurance startup promises consumers an application process as short as 90 seconds. Moreover, the Lemonade insurance claims payment process can be as quick as 3 minutes, according to the company. The insurer received the necessary approval from the California Department of Insurance for the sale of homeowners…

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California insurance commissioner candidates take aim at Trump in campaigns

Sen Ricardo Lara California Insurance Commissioner

In the race for the top spot in the state’s Insurance Department, the president has become a political target. The race for the 2018 California insurance commissioner position is heating up and President Trump has become one of the central campaign political targets. State Senator Ricardo Lara (D-Bell Gardens) has placed the spotlight on Trump and his policies. Lara placed the focus of his first ad running for California insurance commissioner on a depiction of Trump as being anti-female, anti-immigration, anti-healthcare and a denier of climate change. He called for…

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Homeowners insurance in California to see lower rates for some customers

Homeowners Insurance

AAA has announced that some of its policyholders will see decreases of 9.3 percent. California Insurance Commissioner Dave Jones has announced that many homeowners insurance customers will be experiencing a notable lowering of their rates. This applies to many of the policyholders of AAA Northern California, Nevada and Utah Insurance Exchange. The reduction will be an average of 9.3 percent. It is likely to be greatly appreciated by homeowners insurance customers, particularly at a time when increases are being experienced throughout the country. The decrease is breaking with a number…

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AIG unit faces potential fines in California over management of fire claims

American International Group Inc. (AIG) subsidiary, New Hampshire Insurance Co., along with York Risk Services, its claims processing agent, are now facing citations for 125 violations connected with alleged improper handling of California wildfire related claims from 2008. According to California Department of Insurance (CDI) general counsel, Adam M. Cole, “The allegations in this case reflect a troubling lack of attention to consumer needs by New Hampshire Insurance Company.” CDI has stated that each of the various violations for which the insurer has been sited have to do with “an…

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California insurance regulators target GeoVera Insurance, imposing fines and requiring the company to make changes to underwriting

California insurance regulators have taken action against GeoVera Insurance Co., providers of residential earthquake insurance, this week. Regulators took notice of the company after having received a multitude of complaints from policyholders. According to these complaints, the insurer’s underwriting procedures are not as adequate as they are supposed to be. Regulators have investigated the matter and found that the insurer’s practices were indeed falling short of the state’s standards. GeoVera will be facing major changes as regulators look to make the company more compliant with state laws. The insurer will…

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California homeowners to benefit from new insurance regulations

New rules for homeowners insurance have been implemented in California to help to protect people when disaster strikes their homes. The regulations have been implemented to help consumers to make sure that they have the coverage that they need when they have been paying into an insurance policy and the time comes that they need to make a claim following a disaster. According to Amy Bach, the head of United Policyholders, following a large loss, people frequently discover that they don’t have as much coverage as “they thought they had…

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Report shows insurance is an economic player in California

A new report has shown that the property and casualty industry for California insurance is responsible for bringing billions of dollars into the state. The report, which was released by the Insurance Information Institute, showed that in 2008, that sector of the insurance industry brought $34.7 billion into the economy. It also showed that insurers are responsible for approximately 2 percent of the total gross state product for California. In fact, in that state, there are more insurance professionals employed than in any other state in the country. In 2009,…

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