Author: Angela Linders

California Insurance Commissioner and Farmers CEO: A Groundbreaking Dialogue on the Insurance Crisis

Angela Linders
california insurance crisis a

California continues to struggle with a growing insurance crisis, as homeowners face towering premiums and the daunting task of securing coverage. Amidst this turmoil, insurers have retreated, leaving many Californians in a lurch. But in a recent twist, the path to resolution may hinge on a compromise that allows insurers to adjust rates based on future risk assessments. State Insurance Commissioner Ricardo Lara, spearheading new regulations to mitigate the crisis, likens his relationship with the insurance industry to a “forced marriage” — staying together for the larger family’s sake. This…

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Florida Homeowners Insurance Market Sees Promising Shift with Depopulation Program

Angela Linders
florida insurance homeowers

The landscape of Florida’s homeowners insurance industry is undergoing significant changes as private insurers have absorbed 275,324 policies from the state-run Citizens Property Insurance Corp so far in 2023. These changes, spotlighted during the recent Citizens Board of Governors meeting, demonstrate a strategic attempt to balance the market through a process called “depopulation.” What Depopulation Means for Consumers For consumers, the depopulation program has a direct impact on their insurance decisions. Here’s what it boils down to: if a private insurance company extends an offer that exceeds a policy owner’s…

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Skepticism Abounds as Florida Welcomes New Property Insurance Companies

Angela Linders
Florida Property Insurance - Skeptical

Eight New Florida Property Insurance Companies Amid Market Shakeup In a concerted effort to inject stability into Florida’s property insurance market, a fleet of eight new insurance companies has embarked on a mission to provide a reprieve from the soaring premiums and to fill the void left by the withdrawal of large national insurers. This proactive stance comes in the wake of an alarming 68% surge in home insurance premiums recorded between May 2021 and May 2023, positioning Florida at the pinnacle of the US in terms of homeowners’ coverage…

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GEICO Offers New Discounts Amid Rising Auto Insurance Rates

Angela Linders
Geico auto insurance new discount

In a bold move to capitalize on increasing auto insurance rates across states such as California, GEICO Corp., part of Warren Buffet’s empire, is offering an attractive discount initiative, the “Welcome Factor,” aimed at expanding its auto insurance business. GEICO’s Fresh Approach to Auto Insurance With the surge in insurance rates, many insurers are taking a step back from writing new policies. However, GEICO is actively inviting new clients by marketing a special discount for those who apply for personal auto insurance. The discount is designed to taper off gradually…

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California’s Insurer of Last Resort on the Brink Amid Wildfire Crisis

Angela Linders
california fair plan

Catastrophic Wildfires Upend Insurance Landscapes The California Fair Access to Insurance Requirements (FAIR) Plan, established as a safety net for homeowners in high-risk fire zones, faces an unprecedented threat of insolvency amid a flurry of catastrophic wildfires and increasing claims. This predicament has sparked intense scrutiny and discussions on sustainable insurance strategies while leaving many to wonder about the future of fire insurance availability in the state. The Increasing Burden on California FAIR Plan With an exodus of insurers from California’s market, the FAIR Plan has swelled to double its…

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