Day: March 21, 2024

State Farm Releases Non-Renewal Numbers Amid California’s Deepening Home Insurance Crisis

Angela Linders
Depositphotos - auto insurance - State Farm Sign

State Farm “Restructures” California Portfolio The company made it official, in a move to ensure the financial health of its operations within California, State Farm General Insurance Company is set to scale back its insurance offerings in the state. With an estimated 72,000 policies facing non-renewal, customers across California are poised to feel the pinch as they seek alternative coverage solutions. Starting July 3, 2024, State Farm General will cease renewing approximately 30,000 homeowners, rental dwelling, residential community association, and business owners policies, citing the necessity to sustain adequate claims-paying…

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Bills could force Michigan Catastrophic Claims Association to have auto insurance transparency

Angela Linders
auto insurance - Freedom of Information Act - law

SB 793 and SB 794 will open the MCCA up to public scrutiny if they both pass. New bills in Michigan, SB 793 and SB 794 have the potential to boost transparency for auto insurance claims in the Michigan Catastrophic Claims Association (MCCA). The industry-managed organization manages lifetime medical treatment claims The MCCA is the organization in the state responsible for managing lifetime auto insurance claims payments for medical treatments of over $635,000 resulting from injuries from a catastrophic vehicle collision. Policyholders seeking lifetime coverage for severe injuries obtained as…

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