California agricultural insurance to see raise in policy limits

Agricultural insurance - Farm

Commissioner Ricardo Lara has ordered what will be the first coverage limit increase in 25 years. California Insurance Commissioner Ricardo Lara has ordered the first agricultural insurance limit increase in fire-prone areas in a quarter of a century. Lara determined that the order was necessary in order to meet the current wildfire risk and rising cost of repairs. The increase in the agricultural insurance limits is approximately 90 percent higher than the limits in the California Fair Access to Insurance Requirements (FAIR) plan, which is the last-resort program for property…

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GEICO campaigns to fill insurance company jobs in competitive market

Insurance company jobs - competition

The insurer has been taking steps to become more appealing to jobseekers in many US regions. GEICO has been making a concerted effort to attract applicants to fill hundreds of insurance company jobs it is opening and that need workers before the end of the year. Some regions have seen starting salaries rise across the board while others offer additional advantages. Earlier this month, GEICO announced that insurance company positions would be paying more in the hopes of drawing applicants to fill over 300 new positions in Tucson and Renton.…

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Tesla Insurance is taking steps to move into New York and Texas

Tesla Insurance - Tesla dealer

Elon Musk recently tweeted that the coverage that started in California a year ago may move into new states. Though Tesla Insurance rolled out in September 2020 and has been exclusive to that state ever since, Elon Musk recently tweeted that the company intends to expand into massive new markets in the United States. The electric auto policy could be coming to Texas and New York before the end of 2022. The regulatory process for approval to offer insurance is extremely slow & complex, varying considerably by state. Tesla is…

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Policyholders will pay 77 percent more in flood insurance rates, says study

Flood insurance rates - money in water

On the whole, the cost of coverage will rise sharply, but homeowners in poorer neighborhoods will pay less. A new QuoteWizard study showed that changes to US flood insurance rates will be rising by an average of about 77 percent across all policyholders. That said, homeowners living in less affluent neighborhoods will see a reduction in the amount they pay for their coverage. The study was conducted by the Lending Tree financial services provider’s QuoteWizard unit. To complete this study, the unit reviewed the price changes for the approximately 5…

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CAA files lawsuit against insurance company for failure to cover pandemic losses

Insurance company - Lawsuit filed

This has become the most recent instance of a media and entertainment firm suing an insurer for this reason. CAA has filed a lawsuit against an insurance company in what has become the latest instance of a media and entertainment organization suing an insurer for denying payment on loss claims regarding pandemic shutdowns. The Creative Artists Agency filed a civil suit with the Los Angeles Superior Court. The Hollywood-based agency filed a civil lawsuit against an insurance company. The suit was filed in the Los Angeles Superior Court against Affiliated…

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Wawanesa reports a spike in fake insurance job postings

Insurance job postings - Fake

As insurers work hard to hire new talent, they are struggling with fraudsters in their way. Wawanesa has issued a news release cautioning people looking for insurance job postings that while insurers are typically hiring right now, there are many fraudsters out there looking to scam job hunters. Insurers have been a particular subject for scams having to do with employment opportunities. The scam insurance job postings mentioned in the Wawanesa report are described as attempting to trick job seekers into applying for what they think is a position with…

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California Supreme Court rules life insurance stoppage requires proper notice

Life Insurance Stoppage ruling California

This decision would restore policy premium payments to thousands of people across the state. The California Supreme Court has ruled that a life insurance grace period and other protections must be provided to consumers in the state before insurers are allowed to cut off coverage due to a missed payment. The ruling could restore life insurance payments to affected customers dating back to 2013. In 2013, the state governor at the time, Jerry Brown, signed a law that had passed without any opposition, ending the previous authority that life insurance…

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