Tag: Allstate

State Farm and Allstate Chart New Paths in Workplace Policies

Marc
State Farm and Allstate Workplace Policies

State Farm Ends EV Charging in Parking Garages State Farm employees who drive electric vehicles (EVs) are facing new challenges after the company decided to remove EV charging stations from its parking garages. The shift began on October 28 at its Illinois headquarters and will expand to all locations nationwide due to fire safety concerns. A company message shared with employees described the decision as a precautionary measure aimed at maintaining a safe environment. After assessments by local fire departments and workplace safety teams, risks associated with EV-related fires in…

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Insurance Giants in Focus: A Tale of Two Third Quarters

Ester Adams
Insurance Giants

Spotlight for Insurance Investors As the third-quarter financial results roll in, the spotlight is on two titans of the insurance industry: Berkshire Hathaway and Allstate. Both companies have reported significant figures that reflect their current standing and future prospects in the insurance market. The question arises: Are insurance investors likely to shift their focus, perhaps swayed by Allstate’s recent performance? Berkshire Hathaway: Navigating Setbacks Berkshire Hathaway, renowned for its exceptional insurance underwriting, faced uncharacteristic setbacks this quarter. The company reported more than $1 billion in insurance-related losses, attributed to increased…

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How Rising Insurance Rates Are Squeezing California Homebuyers

Tate Ellison
California Homebuyers

California’s Home Insurance Challenges: A Growing Concern In recent years, the California real estate market has faced increasing challenges, with one of the most pressing issues being the difficulty in securing home insurance. According to a recent survey by the California Association of Realtors (CAR), the problem has intensified, impacting home sales and affecting both buyers and sellers across the state. Escrow Hurdles and Home Sales Impact The CAR survey, which included nearly 3,000 Realtors, highlighted that 13% experienced a home sale falling through due to the buyer’s inability to…

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Mortgage Mayhem: How a 50% Home Insurance Rate Jump is Stressing Finances

Angela Linders
Home Insurance Rate Jump

Are You One of the 50%? Understanding Your Essential Escrow Account Escrow accounts are pivotal in managing the financial responsibilities associated with homeownership. Despite their importance, a survey by LERETA reveals that only about half of the homeowners with an escrow account completely understand how it functions. This lack of comprehension is concerning, especially since these accounts are essential for paying property taxes and insurance premiums. Escrow accounts are commonly required for mortgage holders with less than 20% equity in their homes and are mandatory for federally-backed FHA loan borrowers.…

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Car Insurance Costs Explode in 2024 with an Overall Jaw-Dropping 26% Hike

H. Cutner
rising car insurance costs

Car Insurance Premiums Surge in 2024 Car insurance premiums skyrocketed by an average of 26% in 2024, pushing the national average cost for full coverage to a staggering $2,543 per year. This marks a significant rise from $2,014 in 2023 and $1,771 in 2022. Several factors contribute to this surge: The Bureau of Labor Statistics notes that while overall annual inflation was 3.2%, car insurance rates spiked 20.6%. States differ in rate increases, with New Jersey and Missouri seeing hikes of 45.69% and 44.16%, respectively. Florida and California remain among…

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