Insurance drones will be broadly deployed by Hurricane Harvey claims adjusters

hurricane insurance drones

The use of these unmanned aerial vehicles has been adopted by Allstate, State Farm and other major property insurers. Property insurance companies in Texas and Louisiana, such as Allstate and State Farm, are preparing to use their insurance drones to survey the aftermath of Hurricane Harvey. This insurance technology is expected to have an important role in inspecting commercial and residential damage. The insurance drones will first take to the air early this week, once the last of Hurricane Harvey makes its way out of the regions. If all goes…

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State Farm homeowners insurance customers may soon receive a refund

State Farm homeowners insurance

The same may be said for many renters insurance policyholders in California. State Farm homeowners insurance and renters insurance customers in California may soon be receiving refund payments. The insurer is sending the checks to customers as a result of a decision made by the state Department of Insurance. The California Department of Insurance told State Farm it needed to repay policyholders due to excessive rates. The department deemed the rates charged to State Farm homeowners insurance and renters insurance customers to be excessive. As a result, about 250,000 policyholders…

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State Farm Insurance and other insurers slapped with Washington fines

state farm insurance and insurer fines

The state’s insurance commissioner has issued the penalties to brokers and agents as well. Washington Insurance Commissioner Mike Kreidler has slapped State Farm Insurance, other insurers, agents and brokers with a number of fines throughout January. These fines totaled $15,000 and were issued for having violated the state’s insurance industry regulations. The largest fines the commissioner doled out were to State Farm Fire & Casualty Co. from Bloomington, Indiana. State Farm Insurance saw two thirds of the total fines from the Washington insurance commissioner. They were ordered to pay $10,000…

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State Farm Insurance company loses Katrina fraud verdict from Supreme Court

State Farm Insurance

Two whistleblowers have had their victory upheld by the top court in the United States. This week, the Supreme Court upheld a ruling against State Farm Insurance firm. The insurer has been found guilty of defrauding the U.S. government following Hurricane Katrina. The top court upheld a jury verdict that said the insurance company fraudulently assessed damage from the 2005 storm. The Supreme Court’s ruling was a unanimous 8-0 to uphold the verdict from the lower court. The State Farm insurance company challenged the decision of a lower court. That…

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New regulations target auto insurance laws in North Carolina

north carolina auto insurance

Regulations could benefit drivers in North Carolina New regulations may have a major impact on drivers throughout North Carolina, if they are approved by the state’s lawmakers. These regulations would change the state’s auto insurance laws, which were created in 1957 and have seen little reform over the years. The regulations have managed to win strong support from the state’s insurance companies, many of whom are eager to see changes to insurance laws in order to better manage modern trends and risks in the state’s market. Insurers show support for…

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Texas homeowners insurance companies increase rates

Texas homeowners Insurance

The state is already the third most expensive in the country and now the prices of coverage are headed up again. Three Texas homeowners insurance companies have announced that they will be increasing the premiums that they charge for providing coverage for the properties of the residents of the state. These new and higher rates are going to be going into effect for new and renewal policies. The affected Texas homeowners insurance customers are those who have their policies with Allstate, Farmers, and State Farm. These three home insurers each…

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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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State Farm aims to lower cost of auto insurance with new program

proof of auto insurance

State Farm attracting attention over new program Since early December, 2012, State Farm has been offering significant auto insurance discounts for those participating in the company’s Drive Safe and Save program. Currently, this program is only available to drivers in Wisconsin, a state well known for its privacy advocacy. State Farm suggests that the program can help drivers save money on their insurance coverage, but some state officials suggest that the information that the insurer could obtain through the program outweighs the potential benefits that consumers may see. Small device…

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State Farm survey shows most licensed teen drivers text while driving

Car insurance for young drivers

The findings from a survey conducted by Harris Interactive on behalf of State Farm have shown that most licensed teenaged drivers (57 percent), say that they text while driving, regardless of the tremendous amount of attention that the behavior is receiving as a risky and dangerous practice. The survey was conducted over the phone, and included the participation of 652 individuals living in the United States, and who were between the ages of 14 and 17 years, 280 among whom had either a permit or a driver’s license. These results…

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State Farm maintains stability regardless of record breaking 2011 storms

State Farm has announced that although they faced a significant number of payments for catastrophe claims from some of the largest events in the quarter century history of the company, it has been able to maintain its financial strength. In 2011, State Farm’s combined net worth fell by $0.4 billion by the end of the year, bringing it to $60.8 billion. This includes the drop by $0.2 billion in the insurance company’s net worth in connection with the unaffiliated stock portfolios of the property and casualty companies. Moreover, those figures…

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