Category: California Insurance

Allstate’s 30% Condo Insurance Hike Sparks Consumer Concern

Live Insurance News
Allstate Condo Insurance

California condo owners are bracing themselves as Allstate, one of the state’s major insurance providers, plans to raise its condo insurance rates by an average of 30% starting in April. This significant increase, authorized by the California Department of Insurance, has left many policyholders questioning how the change will affect their wallets—and what it signals about the broader insurance market. What Condo Owners Need to Know About Allstate’s Rate Changes If you’re one of the approximately 78,000 Allstate condo insurance customers in California, here’s what you can expect. The rate…

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California Wildfires Costs Balloons Past $4 Billion, but ‘LA Rises’ Offers Hope

Nordstrom
California Wildfires Costs

California Wildfires Spark $4 Billion in Insurance Payouts The devastating wildfires that swept through Los Angeles County earlier this year have left a trail of destruction and financial strain. Preliminary data shows that insurance companies have already paid over $4 billion for losses tied to the Palisades and Eaton fires, highlighting the immense scale of these disasters. With tens of thousands of homes destroyed and businesses affected, the true financial toll is expected to climb even higher. Insurance Claims Skyrocket Amid Ongoing Recovery More than 31,000 claims have been filed…

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Can Chubb Weather the Storm? $1.5 Billion Wildfire Costs Test Resilience

Nordstrom
Chubb Ltd.

Chubb Faces $1.5 Billion Wildfire Claims as California Insurance Market Struggles Chubb Ltd. is bracing for an estimated $1.5 billion in pretax costs due to the devastating wildfires in Los Angeles County. This makes it the first insurance company to reveal its financial hit from these disasters, which claimed over two dozen lives and caused widespread destruction. The Eaton and Palisades fires burned nearly 40,000 acres of homes, businesses, and landmarks, leaving families displaced and communities reeling. Evan Greenberg, Chubb’s Chairman and CEO, expressed solidarity with the affected policyholders, stating,…

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What Happens to 9,000 Burned Homes? Inside the Massive Cleanup After the Eaton Fire

Tate Ellison
Eaton Fire

Eaton Fire’s Devastating Impact The Eaton Fire, which ignited late on January 7, 2025, under fierce Santa Ana wind conditions, has left an indelible mark on Altadena and its surrounding communities. Covering over 14,000 acres, the wildfire destroyed a staggering 9,418 structures, damaged another 1,073, and claimed 17 civilian lives. Though containment has reached 95%, the scarred landscape and displaced residents paint a grim picture of the fire’s aftermath. The fire’s origins remain under investigation, with recent video footage suggesting potential electrical activity near the ignition point. Meanwhile, local utility…

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Super Bowl Ads Take a Backseat as State Farm and FireAid Put Communities First

Tate Ellison
Los Angeles wildfires homes and cars totaled

State Farm Reallocates Super Bowl Ad Budget to Support Californians Impacted by Wildfires Southern California continues to deal with the destruction caused by widespread wildfires, which began on January 7, 2025. Amid these challenges, State Farm has decided to redirect its Super Bowl advertising budget to initiatives aimed at helping those affected by the disaster. The company’s efforts include expediting claims, offering premium payment extensions, and deploying their Catastrophe Response Team to provide ground-level assistance. This initiative, combined with the upcoming FireAid benefit concert, highlights a broader focus on supporting…

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Liberty Mutual and Safeco to Exit California Condo and Rental Insurance Markets by 2026

Angela Linders
Liberty Mutual Condo and Rental Insurance

California’s Insurance Market Faces Another Major Shake-up Liberty Mutual, one of California’s major insurance players, has announced it is pulling back on its condo and rental insurance offerings through its subsidiary, Safeco. This decision is expected to impact around 88,000 policyholders across the state. Starting this month, Safeco will stop issuing new policies for condos, renters, and watercraft, while all existing policies in these categories will begin non-renewals in January 2026. While Liberty Mutual has emphasized its continued commitment to offering core Safeco products such as auto, home, and umbrella…

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State Farm Reverses Course, Offering Hope to Wildfire-Affected Homeowners

G. Turner
Auto insurance - State Farm Logo on Building

Thousands of Homeowners Find Relief Amid Uncertainty After devastating wildfires tore through Los Angeles County earlier this month, State Farm has announced a reversal in its policy cancellations, providing much-needed relief to thousands of California residents. Homeowners who feared losing their insurance coverage now have the option to renew their policies, a decision applying to those whose insurance was active as of January 7, 2025—the day the fires ignited. State Farm’s U-Turn in the Face of Crisis State Farm’s decision impacts approximately 1,100 policyholders in Pacific Palisades’ ZIP code 90272…

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