Tag: personal umbrella policies

State Farm Proposes 39% Rate Hike for California Umbrella Policies, Sparking Debate

G. Turner
State Farm's Proposed Rate Hike

State Farm General Insurance Company has proposed a 39% rate increase for its California Personal Liability Umbrella Program, a move that could impact over 430,000 policyholders statewide. If approved by the California Department of Insurance (CDI), the hike would take effect in August 2025, marking the second major increase in just six months. This development has raised concerns among consumers and advocacy groups, as California’s insurance market continues to deal with rising costs and regulatory challenges. Understanding State Farm’s Rate Hike Proposal The proposed rate hike is part of State…

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Hogan’s malpractice suit gets thrown out

Nordstrom

Wells Fargo Insurance Services Inc. in Florida has been sued for business malpractice by celebrity Hulk Hogan. Mr. Hogan (real name Terry Bollea) sued Wells Fargo for failing to protect his assets properly, by providing him with an umbrella policy. Mr. Hogan was sued over an auto accident his son had in 2007, which left a passenger in his car with permanent brain damage. Even though both vehicles involved in the accident were his own; his vehicles’ insurance maximum payment was 250 thousand, per vehicle. With inadequate coverage, he was…

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