Tag: California insurance commissioner

Don’t Sign Anything Yet! California Insurance Commissioner Warns of Fraud Post Wildfire

H. Cutner
California insurance wildfire update on conditions

Wildfires Ravage Southern California: Safety First Southern California faces a devastating challenge as powerful wildfires, driven by intense winds, have scorched over 23,000 acres and forced thousands to evacuate their homes. The fires, which erupted following a windstorm on Tuesday, have also destroyed at least 1,100 structures across affected regions. With lives disrupted and communities left in turmoil, California Insurance Commissioner Ricardo Lara is urging residents to prioritize safety above all else during this difficult time. Lara has advised individuals to avoid entering disaster zones and refrain from making hasty…

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California’s Evolving Insurance Market: Is Relief on the Horizon?

Ester Adams
California Insurance Market

California’s home insurance market has been under immense pressure in recent years, leaving homeowners dealing with uncertainty about their coverage. Farmers Insurance, the state’s second-largest home insurer, recently announced a significant decision to expand the number of policies it writes each month. While it marks a potential turning point, many questions remain about the long-term sustainability of California’s insurance landscape. Here’s a breakdown of the situation, players involved, and what lies ahead. Farmers Insurance Expands Policy Sales Cap After limiting itself to selling 7,000 policies per month in California, Farmers…

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Consumer Watchdog Demands Public Hearing on State Farm’s Proposed 30% Rate Hike

H. Cutner
Consumer Watchdog - Public hearing - California Flag - Insurance rate hike

Consumer Watchdog Digging for Dirt in State Farm’s Backyard Consumer advocacy group Consumer Watchdog has called on California Insurance Commissioner Ricardo Lara to convene a public hearing regarding State Farm’s proposed 30% hike in homeowners’ insurance rates. The group contends that the proposed increase is intended to enhance the insurer’s financial stability rather than address anticipated claims, potentially resulting in a $5.2 billion burden on consumers. Concerns Over Financial Burden Consumer Watchdog’s petition, filed under Proposition 103, mandates a public hearing on rate increases when requested by the public. The…

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State Farm Tech An Unseen Side of the Insurance Giant

Marc
State Farm - Technology - Digital

State Farm Goes Beyond Insurance State Farm Insurance is widely known for its slogan, “Like a good neighbor, State Farm is there.” However, the insurance giant has gradually unveiled a different side to its business—technology. While many may associate State Farm with auto, home, and life insurance, the company is making significant strides in the tech industry, offering an array of patented innovations for sale. Which includes technologies ranging from auto telematics and smart home tech to unmanned aerial mission systems and adjustable virtual scenario-based training environments, has sparked a…

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California Governor Newsom backs property insurance reform measure

Logan B.
Property insurance - California Law - Support

The goal is to ensure that homeowners and business owners will find necessary coverage California Insurance Commissioner Ricardo Lara recently announced that a new draft measure would make it a requirement for property insurance companies using new catastrophe modeling to write more policies in areas at a higher risk of events such as wildfires. Larger insurers must insure properties at a specific minimum level The draft regulation would require that all companies using new catastrophe modeling to write more property insurance policies in distressed areas. That said, larger insurers would…

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