Tag: insurance challenges

Liberty Mutual Drops a Bombshell on California Condo and Renters Insurance Market

Angela Linders
Liberty Mutual

Liberty Mutual to Exit California’s Condo and Renters Insurance Market by 2026 Liberty Mutual, the fourth-largest home insurance provider in California, has announced plans to discontinue offering new condo and rental insurance policies starting January 1, 2025. The company aims for a full exit from these markets by 2026. This decision follows a wave of insurance companies pulling back from California, citing increasing risks and market volatility. Liberty Mutual’s subsidiary, Safeco, will also cease providing these policies, leaving thousands of Californians searching for alternative insurance options. Insurance Company Background Over…

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California, Colorado and Texas Face Billion-Dollar Home Insurance Dilemma

Nordstrom
california wildfire risk landscape

California’s Growing Wildfire Risk for Home Insurance Market California homeowners face a growing problem: over 1.2 million homes are at moderate or high risk of wildfire damage, with reconstruction costs exceeding $760 billion. According to CoreLogic’s Wildfire Risk Report, this is particularly concerning for those living in the Wildland Urban Interface (WUI), especially in areas like Los Angeles, San Diego, and Riverside. Climate change is a significant factor, with NOAA’s data showing the number of acres burned each year has nearly doubled since the early ’80s. Reconstruction costs for damaged…

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The High Cost of Health: Who Gets Weight Loss Prescriptions?

Angela Linders
The High Cost of Health

Disparities in Weight Loss Prescriptions The disparity in access to medications like Wegovy, Rybelsus, and Ozempic highlights a significant issue within the U.S. healthcare system. Despite the increasing medical applications of these drugs, which include managing diabetes and potentially preventing heart disease and stroke, many insurers remain reluctant to cover them for weight loss. Medicare, for example, is legally barred from covering weight-loss drugs unless the patient presents serious health risks. This limitation leaves over two-fifths of American adults who are obese but otherwise healthy without coverage options. Federal spending…

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California Insurance Market Seeks Solutions Amid Homeowner Policy Crisis

Loreen
California insurance market health

California’s insurance landscape is poised for a substantial rewrite as authorities deal with the implications of devastating wildfires and market instability. With a pivotal public hearing on the horizon, Insurance Commissioner Ricardo Lara spearheads the effort to address the frustrations of both homeowners and insurers. The Plight of California Homeowners and Insurers Amid the ashes of devastating wildfires, Californian homeowners have faced soaring insurance premiums and widespread policy cancellations, driving the need for regulatory reform. A proposed overhaul by Commissioner Lara aims to streamline rate increase approvals and clarify regulations…

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