State Farm insurance rates will soon be slashed, judge’s orders

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California Insurance Commissioner Dave Jones supports the judge’s decision to reduce premiums. State Farm insurance rates in California may soon be on their way down following a judge’s ruling. That said, homeowners, condo and renters insurance policyholders will need to wait to know if they will also get refunds. That will depend on the outcome of a lawsuit. The judge ruled that State Farm is required to comply with a state order for reducing its rates. That same judge said that while State Farm insurance rates must be reduced, the…

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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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Earthquake insurance legislation introduced in Oklahoma

Earthquake Insurance

New legislation may force insurers to honor claims associated with man-made quakes Earthquake insurance is becoming a major issue in Oklahoma. Lawmakers have introduced new legislation that would prevent insurers from denying claims for damage caused by man-made earthquakes. These disasters are becoming increasingly common due to hydraulic fracturing, also called “fracking.” This process is used to harvest natural gas from the earth and has been linked to seismic activity in the state. Lawmakers want to ensure that consumers are adequately protected from such disasters and that their insurance policies…

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California approves new auto insurance products for TNC industry

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New insurance products will be available for TNC drivers California officials have approved new auto insurance products that will affect the Transportation Network Company (TNC) space. Companies like Uber and Lyft have had a major impact on the insurance space, largely due to concerns that these companies are not providing adequate coverage for their drivers. Insurers are beginning to take note of the rising popularity of TNC and, in order to mitigate risks, have begun offering new insurance policies. State Farm is among these companies. State Farm is among several…

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Drivers in Maryland are facing growing auto insurance premiums from State Farm

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State Farm is generating controversy with rate hikes affected thousands of drivers Drivers in Maryland will be facing higher auto insurance rates coming from State Farm. The insurer has had many complaints issued against it over the past year due to rising insurance premiums, with some drivers claiming that their premiums were raised for accidents that were not their fault. Maryland insurance regulators have found fault with some of the premium increases that have been issued by State Farm, with some of these rate hikes hitting drivers that have only…

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North Carolina legislation could reduce auto insurance premiums

House committee approves legislation to provide restricted licenses to undocumented residents A legislation approved by a North Carolina House Finance Committee could make auto insurance premiums lower for drivers in the state. The legislation would grant limited driving privileges to undocumented immigrants. These people would be required to have auto insurance coverage, as mandated by the federal government and state law, and the influx of new consumers could be good news for other drivers in the state. Insurance rates could go down by a modest degree because of the new…

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Homeowners insurance rates are on the rise in Texas

Texas Homeowners Insurance

Insurance coverage is becoming more expensive because of natural disasters in the past Homeowners insurance rates are on the rise in Texas, and natural disasters may be the cause. The state has not been hit by a major hurricane in six years and devastating wild fires have not been seen since 2011. Despite the apparent lull in catastrophe, rates for insurance coverage continue to grow. This has to do with the lasting impact of natural disasters and how they affect the insurance industry. Texas is prone to disasters and insurers…

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