State Farm Wants Higher Premiums, Consumer Watchdog Says ‘Prove It!

State Farm rate increase request

Consumer Watchdog Challenges State Farm’s Emergency Rate Hike Request Consumer advocacy group Consumer Watchdog has raised objections to an emergency interim rate increase requested by State Farm, arguing the insurance giant has not provided sufficient justification for its demands. Calling attention to strong consumer protection laws in California, the organization filed two letters with Insurance Commissioner Ricardo Lara to challenge the proposed rate hikes. These increases, Consumer Watchdog asserts, could unfairly burden individuals already coping with the rising costs of recovery from natural disasters. What State Farm Is Requesting State…

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Why Homeownership Is Getting Harder in HOA Communities

HOA Communities affected by homeowner's insurance

Rising Insurance Costs Hit Homeowners’ Associations Hard Homeowners’ associations (HOAs) across the United States are dealing with a growing challenge that’s hitting both their budgets and the wallets of individual homeowners—rising insurance costs. This trend, fueled by climate-related risks, aging infrastructure, and shifts in the insurance market, is reshaping how HOAs operate and, in many cases, forcing difficult decisions at both the board and homeowner levels. The Insurance Crunch: A Nationwide Issue From Florida’s hurricane-prone coastlines to hail-prone states like Minnesota and Colorado, insurers are either raising premiums dramatically or…

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Liberty Mutual and Safeco to Exit California Condo and Rental Insurance Markets by 2026

Liberty Mutual Condo and Rental Insurance

California’s Insurance Market Faces Another Major Shake-up Liberty Mutual, one of California’s major insurance players, has announced it is pulling back on its condo and rental insurance offerings through its subsidiary, Safeco. This decision is expected to impact around 88,000 policyholders across the state. Starting this month, Safeco will stop issuing new policies for condos, renters, and watercraft, while all existing policies in these categories will begin non-renewals in January 2026. While Liberty Mutual has emphasized its continued commitment to offering core Safeco products such as auto, home, and umbrella…

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Colorado Homeowners Insurance Rates Experience a Staggering Uptick

Homeowners’ insurance - high rates

Both house and condo owners have been watching their premiums head through their roofs. Condo owners in Louisville, Colorado have been reporting that their homeowners insurance rates have skyrocketed by 700 percent. This isn’t an isolated incident, as rates throughout the state have been rapidly rising this year. Colorado homeowners insurance premiums have been going up for a number of reasons, but they are mainly being linked to high inflation in addition to increasingly common and destructive wildfires, floods, and hailstorms. State Rep. Kyle Brown, a resident of Louisville, Colorado,…

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State Farm Insurance rate reductions are inadequate, billions in fines may follow

California State Farm Insurance Rate Notice of Noncompliance

The California Department of Insurance has issued a notice of noncompliance to the insurer. California Insurance Commissioner Dave Jones ordered a State Farm insurance rate reduction in December 2016. The Department of Insurance has now issued a noncompliance notice to the insurer for failing to reduce premiums as mandated. The insurance company was ordered to reduce renters and homeowners insurance rates by an average of 7 percent. This State Farm insurance rate decrease would save consumers $84 million over the span of a year. Moreover, the insurance company was also…

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California Insurance rates from Allstate cause Commissioner and consumer advocate divide

allstate homeowners home insurance rates

Though Dave Jones and Harvey Rosenfield have traditionally collaborated, a recent issue has led to a split. The California Insurance Commissioner, Dave Jones, and advocate from Consumer Watchdog, Harvey Rosenfield, have traditionally held very similar beliefs when it came to the industry and its insurance rates. That said, this trend appears to have changed when it comes to the rates being charged by Allstate. Rosenfield, who hails from Santa Monica, was the author of Proposition 103, a ballot measure from 1988, which converted the position of insurance commissioner in the…

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Mortgage insurance no longer offered to condo developers by CMHC

life insurance industry canada

The Canada Mortgage and Housing Corp. has announced that this coverage will no longer be available. A recent statement from the Canada Mortgage and Housing Corporation (CMHC) has revealed that the organization will no longer be providing mortgage insurance to condo developers in order to assist in financing new building construction. This doesn’t come as very much of a surprise to many in the insurance industry. The reason that many are simply shrugging their shoulders at the decision by the Crown corporation is that it hasn’t actually offered any of…

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