Tag: California

California Homeowners Face 34% Rate Hike as Allstate Follows State Farm’s Lead in Insurance Shakeup

Archie Walsh
California Homeowners insurance rates going up

LOS ANGELES: In a move that mirrors State Farm’s recent actions, Allstate is seeking a substantial increase in its California homeowners insurance premiums. First reported by the Los Angeles Times, Allstate aims to raise rates by an average of 34%, marking the largest rate hike in the state this year. If approved by the California Department of Insurance, this increase will impact over 350,000 policyholders. This latest development follows State Farm’s request for significant rate increases, including a 50% hike for renters and a 30% hike for homeowners. The six-largest…

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Why ADUs Are the Next Big Thing in Retirement Planning

Logan B.
Retirement Planning - Small home

Accessory Dwelling Units (ADUs) are becoming an increasingly popular trend among homeowners, real estate investors, and DIY enthusiasts. With the high cost of housing in states like California, ADUs offer a viable solution for maximizing property value and creating additional income streams. What is an ADU? An ADU, or Accessory Dwelling Unit, is a secondary housing unit located on the same lot as a single-family home. They can take various forms, such as backyard cottages, basement apartments, or garage conversions. These units provide independent living facilities, complete with their own…

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Who’s Responsible? California Faces New Rate Hikes from State Farm and Allstate

Nordstrom
State Farm and Allstate Buildings - Who is causing high rates in California

California homeowners and renters may soon face significant financial strain as two of the state’s largest insurers, State Farm and Allstate, announce hefty rate hikes. These increases come against a backdrop of escalating climate change impacts and urban expansion into wildfire-prone areas. Significant Increases from Major Insurers State Farm, the largest home insurer in California, has applied for substantial rate hikes across its various insurance lines. The company, which insures nearly one in five homes in the state, has requested a 30% increase for homeowners insurance, a 52% increase for…

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Are State Farm Rate Hikes Justified? What California Faces Without Them

Logan B.
State Farm California Property Insurance Increases Is it Justified

Is the State at the Mercy of Its Largest Property Casualty Company? The insurance industry in California has recently been shaken by the news that State Farm, one of the nation’s largest insurers, may pull out of the state and non-renew existing policies if they don’t get what they want. This potential move has sparked widespread concern among consumers and industry experts alike. What would be the consequences if State Farm were to follow through with this decision? And is the company justified in requesting significant rate increases given California’s…

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Even utilities can’t get wildfire insurance

Nordstrom
wildfire insurance - Image of Electric Utility with fire in background

It’s not just homeowners and small business owners struggling to get coverage due to wildfires Wildfire season has now officially started, and some utilities have found themselves operating without wildfire insurance, which means they’ll be responsible for the full cost of any damages resulting from fires caused by their equipment. Utilities in the West have been struggling to find any coverage at all Power lines have been blamed for a number of fires over the last few years, and this has meant that utilities have faced an increasing struggle to…

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State Farm is keeping some California home insurance customers after all

G. Turner
Home Insurance California covered by State Farm

Still, the coverage that they will be receiving won’t be the same as what they’re used to State Farm has announced that it will be making it possible for some California home insurance customers to renew their policies, after having previously announced that it would no longer be selling or renewing property coverage in the state. That said, there is an important change to the coverage it will be providing While this does mean that homeowners will be able to keep their home insurance coverage, they should be aware that…

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Travelers Insurance Increase in California as High as Almost 27% for Some

Marc
Travelers Insurance Rates Higher

In a move that underscores the growing financial impact of climate change on the insurance industry, Travelers Insurance, one of California’s leading home insurers, has announced significant rate hikes and policy non-renewals due to increased wildfire risk. This development is poised to reshape the insurance landscape in California, signaling a critical shift as insurers deal with the escalating threat of natural disasters. Understanding the Rate Hikes The Details of the Increase Travelers Insurance, the sixth largest property and casualty insurer in California as of 2022, has received approval to raise…

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