Tag: State Farm

State Farm shares affordable wildfire protection tips for home insurance customers

G. Turner
Home insurance - Wildfire Protection Tips

The blazes have become more frequent in recent years and are leading to substantial damage. May is Wildfire Preparedness Month, and in the spirit of this time before the blazes typically start for the year, State Farm has provided homeowners with ways they can help to protect their homes and properties within a limited budget. In 2023, 2.6 million acres were burned by 56,000 wildfires in the US alone Last year, over 4,300 homes and commercial structures were destroyed by wildfires in the US, according to data released by the…

Read More

Two more insurers stop selling California home insurance

Nordstrom
Home Insurance - California Sign - Goodbye post it

The state’s coverage crisis appears to be getting worse as two more insurers have stepped away. Two more home insurance companies have announced that they have ceased selling home insurance to new applicants in California. According to the insurers, the reason for its decision is that wildfire risk and construction costs have risen too high. The insurers are small but are part of a growing trend Trans Pacific Insurance Co. and Tokio Marine America Insurance Co. have both announced that they will not accept new applicants for home insurance in…

Read More

GEICO Offers New Discounts Amid Rising Auto Insurance Rates

Angela Linders
Geico auto insurance new discount

In a bold move to capitalize on increasing auto insurance rates across states such as California, GEICO Corp., part of Warren Buffet’s empire, is offering an attractive discount initiative, the “Welcome Factor,” aimed at expanding its auto insurance business. GEICO’s Fresh Approach to Auto Insurance With the surge in insurance rates, many insurers are taking a step back from writing new policies. However, GEICO is actively inviting new clients by marketing a special discount for those who apply for personal auto insurance. The discount is designed to taper off gradually…

Read More

State Farm issues thousands of California home insurance non-renewals

Marc
California home insurance - Non-Renewals

The insurer is also withdrawing from the sale of commercial apartment policies in the state State Farm recently announced that it will be issuing around 30,000 non-renewal notices California home insurance and rental homeowners policies. The purpose of the decision is to ensure business sustainability in that market According to State Farm, the decision to issue the non-renewal notices within the California home insurance market is to “ensure its long-term sustainability” there.  It called the choice “difficult but necessary”. The non-renewals will impact around 30,000 homeowners, rental homeowners, and other…

Read More

State Farm announces new insurance company CEO

Logan B.
Insurance Company - Jon Farney Elected as State Farm CEO effective June 1, 2024 - Image Source - State Farm Insurance YouTube

The company’s current president Jon Farney will take on the role of Chief Executive Officer Jon Farney, current President of the State Farm insurance company has now been named the next Chief Executive Officer by the State Farm Mutual Board of Directors Farney will officially start as CEO on June 1 Retiring State Farm CEO Michael Tipsord made the official announcement of Farney’s new position at the insurance company.  In his announcement, he detailed his lengthy professional relationship with Farney and underscored the care Farney has shown for the insurer…

Read More