Live Insurance News

California FAIR Plan Under Fire: Can Emerging Tools and Policies Ease the Pressure?

March 29, 2025March 27, 2025 H. Cutner

California’s Insurance Market Struggles Under Wildfire Pressures: Are We Headed for Another Bailout? California’s insurance market is teetering under the weight of relentless wildfire seasons, leaving consumers, insurers, and regulators to piece together a system that bears increasingly alarming cracks. With wildfires intensifying due to climate change and sprawling development into fire-prone areas, the state faces a financial quagmire deeper than anyone anticipated. Many are asking if another state-backed bailout is inevitable. The Wildfire Tipping Point Wildfires have become a year-round crisis in California, with the latest blazes in Los…

California Approves State Farm Massive Insurance Rate Hike Amid Consumer Pushback

March 17, 2025March 17, 2025 Nordstrom

State Farm’s Controversial Rate Hike: What You Need to Know California homeowners could see a significant increase in their insurance premiums following a provisional decision by Insurance Commissioner Ricardo Lara. On March 14, 2025, Lara announced preliminary approval for a 22% rate hike on State Farm’s homeowner insurance policies. This decision hinges on conditions set by the commissioner and a public hearing, scheduled for April 8, where State Farm must justify its request. The proposed hike could raise premiums for renters and condo owners by 15% and landlord coverage by…

California’s Insurance Dilemma Deepens Amid State Farm Rate Hike Drama

March 10, 2025March 10, 2025 Angela Linders

How a Video and a Rate Hike Request Could Reshape California’s Insurance Market State Farm is under fire after a Consumer Watchdog letter to California Insurance Commissioner Ricardo Lara put the spotlight on controversial tactics allegedly used to justify a proposed emergency 22% rate hike. At the heart of the controversy is a video recording of Haden Kirkpatrick, State Farm’s Vice President of Innovation and Venture Capital, whose candid comments stirred public concern and prompted his dismissal from the company. Captured on Camera: A Rare Glimpse Behind Closed Doors The…

The Rise of Non-Admitted Carriers in High-Risk States Like California

March 6, 2025March 6, 2025 Nordstrom

Kin Insurance Expands into California, Bringing Solutions to a Challenged Market California homeowners have long faced an uphill battle when it comes to securing affordable and comprehensive home insurance. This struggle has only been amplified by the growing threat of wildfires and other extreme weather events. With traditional insurers retreating from high-risk areas, the gap in coverage has widened. However, Kin Insurance, a direct-to-consumer insurtech player, has stepped in with a promise to tackle these challenges head-on. The California Insurance Crisis For years, large insurance companies have been reducing their…

State Farm’s Financial Challenges Leave California Homeowners in Limbo

March 3, 2025March 3, 2025 Ester Adams

State Farm, the largest property insurance provider in California, is dealing with financial instability after a series of devastating wildfires. This turmoil has placed homeowners across the state in a precarious position, as discussions between the insurer and state regulators continue with no resolution yet in sight. Wildfire Losses Plunge State Farm Into Financial Uncertainty The Los Angeles fires, which ravaged neighborhoods earlier this year, have dealt a heavy financial blow to insurers, with State Farm bearing the brunt of the damage. The company’s homeowner claims have surged to a…

California Rejects State Farm’s Emergency 22% Home Insurance Rate Hike Request

February 18, 2025February 17, 2025 Angela Linders

California Insurance Commissioner Rejects Rate Hike Amid Consumer Concern California Insurance Commissioner Ricardo Lara has rejected a proposed 22% emergency rate hike for home insurance requested by State Farm General Insurance Company. The decision came after the company failed to provide evidence proving the increase was necessary and could not explain how the additional revenue would address its prior decisions to stop writing new policies in the state and not renew existing ones. Lara’s letter to State Farm underscored his commitment to protecting policyholders from unnecessary financial burdens while voicing…

This Insurance Law Could Keep Pets Out of Shelters and in Loving Homes

February 13, 2025February 12, 2025 Angela Linders

Hawaii’s Bold Move to Protect Pet Owners Hawaii is taking a significant step toward addressing the challenges pet owners face in securing rental housing. Senate Bill 416, currently making its way through the state legislature, seeks to prohibit landlords from banning pets in rental properties. The bill offers a compromise by requiring tenants to carry liability insurance to cover any damages caused by their pets. This legislation could transform how renters and landlords coexist, not only in Hawaii but across the nation. What Does Senate Bill 416 Propose? Senate Bill…