Tag: California business insurance

Allstate is no longer selling new California home insurance policies

Julie Campbell
California home insurance - homeowners insurance policy - X

Immediately after State Farm’s exit from selling in the market, its top competitor has done the same. Allstate has announced that it is no longer selling new California home insurance policies, removing it from the pool of available coverage for homeowners following State Farm’s exit from sales only days before. That said, despite the fact that the announcement was only just made, the insurer’s statement said it stopped accepting new policies as of last year. This means that two of the largest insurers in the country are no longer selling…

Read More

Consumer advocates say home insurance is still available in California without State Farm

Marc
California Home insurance available

They are assuring property owners that other insurers will be able to help them find coverage. State Farm recently announced that it would no longer be accepting new home insurance and business insurance applications in California, due to the increasing frequency of wildfires and the rising cost of repairs. Many property owners are now wondering how they will be able to find coverage in the state. According to consumer advocate groups, there are still opportunities to find home insurance coverage in the state, though some are hoping that since State…

Read More

Commissioner Ricardo requires more commercial property insurance from FAIR

Logan B.
Commercial property insurance - Business property insurance

The California plan has been ordered to include increases to the decades-old business coverage limits. California Commissioner Ricardo Lara has announced that his office has ordered that the FAIR Plan must incorporate his mandated increases to the limits to commercial property insurance. The commissioner made the order to boost the coverage limits to better support Californian businesses. Lara announced that the commercial property insurance changes were meant to support businesses in California. “My order is part of an ongoing commitment to helping businesses in California thrive as our economy recovers…

Read More

California agricultural insurance to see raise in policy limits

H. Cutner
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…

Read More

Insurance companies must boost wildfire preparedness, says California commissioner

Marc
Wildfire preparedness - firefighter and scorched home

Ricardo Lara has called on property insurers to play a role in assisting homes and businesses in readiness. California Insurance Commissioner Ricardo Lara has called for property insurers across the state to play a larger role in boosting wildfire preparedness among homeowners and businesses. The goal is to create improved widespread readiness as the fire risk season approaches this year. At the end of last week, Lara gave an update on the actions that California communities are taking to help promote wildfire preparedness among state residents. He spoke during a…

Read More