Live Insurance News

State Farm will no longer sell home insurance in wildfire-prone California

May 31, 2023May 30, 2023 Julie Campbell

The giant has announced that it is leaving the state’s homeowners’ market due to high risk and construction costs. State Farm has announced that due to spiking wildfire risks and construction costs, it is leaving selling in California’s home insurance market altogether. The insurer is stopping new sales of the coverage in the state, which it says has become too expensive. State Farm issued an official media release to announce its withdrawal from the home insurance market in California. It stopped accepting business and personal applications on May 27. That…

Illinois auto insurance rate calculation overhaul in the works

May 10, 2023May 9, 2023 G. Turner

State Rep. Will Guzzardi is seeking to ban “excessive” increases and price calculation factors. Illinois state Rep. Will Guzzardi is seeking to require that auto insurance companies obtain state approval before they can implement rate hikes. He is also aiming to implement a ban for “excessive” rate increases and stop insurers from being able to use occupation, gender or credit score to calculate premiums. The largest car insurers in the state have increased rates by $527 million since the start of the year. According to analyses conducted by two consumer…

Insurance companies like State Farm say now is the time for spring maintenance

March 30, 2023March 29, 2023 John B.

Spring maintenance - Taking care of home

As the weather warms, and winter is left behind, homeowner have a few chores to complete. As tempting as it is to get outside and enjoy warmer spring weather, insurance companies are reminding homeowners that it’s best not to wait to complete spring maintenance tasks. State Farm has issued a reminder to customers including five tasks that are best to complete. In the spirit of reminding customers about spring maintenance and the importance of making sure the home is ready for the warmer months and everything that they come with,…

State Farm says hail insurance claims rose by $1 billion in 1 year

March 29, 2023March 28, 2023 G. Turner

The insurer has released its annual claims figures showing the impact of increased filings and inflation. State Farm recently released its hail insurance claims data, revealing that there was a $1 billion increase in filings for damage from that cause in 2022 when compared to the figure for 2021. The insurer has pointed to more claims and rising inflation to explain this massive spike. Compared to 2021, the number of hail insurance claims rose by nearly 45,000 in 2022. That said, as large as that jump may be, it wasn’t…

This auto insurance company was rated the top option by Consumer Reports

March 24, 2023March 24, 2023 Logan B.

The most recent survey identified a spectrum of new trends including the top four insurers. Consumer Reports has conducted two recent auto insurance surveys, one of which had a more limited sample, while the second had a notably more substantial number of participants. Each of the surveys looked into the way consumers feel and interact with their insurers. The first Consumer Reports survey was limited to its own subscribers, thought that is still a respectable figure higher than 40,000 people. The participants offered almost 50,000 responses on factors associated with…