Live Insurance News

California’s FAIR Plan Offers a Lifeline, But Is It Sustainable?

March 31, 2025 Nordstrom

California Expands FAIR Plan Insurance Limits Amid Wildfire Risks and Insurer Withdrawals The California Fair Access to Insurance Requirements (FAIR) Plan serves as the state’s insurer of last resort, stepping in to provide essential property coverage when traditional insurers leave high-risk zones. Established in 1968, the FAIR Plan is a private consortium of insurance companies operating under state oversight. It was never designed to replace private insurance but to act as a safety net for those unable to secure coverage due to location or elevated risk factors. Recent years, however,…

The Real Cost of Safer Cars: What Hyundai and Kia’s Tech Means for Your Insurance

March 27, 2025March 27, 2025 Nordstrom

Analyzing the Ripple Effects of Declining Vehicle Thefts on Insurance Premiums and Community Safety The sharp decline in vehicle thefts across the U.S., driven in part by Hyundai and Kia’s advanced anti-theft technologies, has implications that stretch beyond the obvious. While fewer stolen vehicles bring immediate relief to affected owners, the cascading effects on insurance premiums and community safety are just as significant. This analysis dives deep into the tangible benefits of declining theft rates, with a focus on how it impacts Hyundai and Kia owners, broader insurance trends, and…

California Approves State Farm Massive Insurance Rate Hike Amid Consumer Pushback

March 17, 2025March 17, 2025 Nordstrom

State Farm’s Controversial Rate Hike: What You Need to Know California homeowners could see a significant increase in their insurance premiums following a provisional decision by Insurance Commissioner Ricardo Lara. On March 14, 2025, Lara announced preliminary approval for a 22% rate hike on State Farm’s homeowner insurance policies. This decision hinges on conditions set by the commissioner and a public hearing, scheduled for April 8, where State Farm must justify its request. The proposed hike could raise premiums for renters and condo owners by 15% and landlord coverage by…

The Liberty Mutual Case That’s Changing How We View Contractor Insurance

March 12, 2025March 12, 2025 Nordstrom

Federal Appeals Court Ruling Highlights Risks in Construction Insurance Policies A recent federal appeals court decision has sparked significant discussion in the construction industry. The ruling, favoring Liberty Mutual’s surplus lines carrier, focuses on a contractor-controlled insurance program (CCIP) policy involving Kaufman Lynn Construction. While it’s seen as a legal victory for Liberty Mutual, the case also underscores deeper issues with insurance policies that contractors often face. The Conflict Over the Fine Print At the heart of this case is the “course of construction exclusion” (COCE) in Kaufman Lynn Construction’s…

The Rise of Non-Admitted Carriers in High-Risk States Like California

March 6, 2025March 6, 2025 Nordstrom

Kin Insurance Expands into California, Bringing Solutions to a Challenged Market California homeowners have long faced an uphill battle when it comes to securing affordable and comprehensive home insurance. This struggle has only been amplified by the growing threat of wildfires and other extreme weather events. With traditional insurers retreating from high-risk areas, the gap in coverage has widened. However, Kin Insurance, a direct-to-consumer insurtech player, has stepped in with a promise to tackle these challenges head-on. The California Insurance Crisis For years, large insurance companies have been reducing their…

Insurance News – NYDFS Cracks Down on Insurers with $20.4M in Fines for Reporting Failures

February 26, 2025February 25, 2025 Nordstrom

NYDFS Cracks Down on Insurers with $20.4M in Fines for Reporting Failures The New York State Department of Financial Services (NYDFS) has taken significant action against car insurance providers, resulting in $20.4 million in fines due to widespread compliance failures. After a lengthy investigation, regulators called out several major insurers for not submitting vehicle coverage reports to the DMV within the required timeframes, a critical process for maintaining consumer protection and state records. This enforcement sends a clear signal to the industry about the importance of following regulations and highlights…

Texas Senate Bill 1246 Proposes State-Run Auto Insurance Program

February 25, 2025February 24, 2025 Nordstrom

With insurance premiums steadily climbing and accessibility becoming a key concern, Texas lawmakers are pushing for change through Senate Bill 1246 (SB 1246). This groundbreaking proposal introduces a state-administered auto insurance option, aiming to improve affordability and competition in the auto insurance market. Sponsored by State Senator Roland Gutierrez (D-San Antonio), the bill brings the promise of accessible coverage for millions of Texans while challenging the dominance of private insurers. Affordable Auto Insurance for Texans SB 1246 seeks to establish a public auto insurance program administered by the Texas Department…