Tag: California disaster 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 insurance industry will face more wildfire losses in 2018

Logan B.
California Insurance Industry - Wildfires

A new Moody’s report shows that insurance companies will endure more wildfire losses this year. The California insurance industry isn’t getting a year off from wildfire losses after facing a costly year in 2017. A new Moody’s Investors Service Inc. report showed that despite current losses, there will likely still be another major wildfire loss event this year. The Carr wildfire in California has caused about an estimated $1.5 billion in insured losses. After the California insurance industry copes with the $1.5 billion in losses likely already caused by the…

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