Tag: Homeowners Insurance

State Farm Seeks Major Rate Increase in California

Live Insurance News
state farm insurance news

State Farm, California’s largest insurer, is proposing sizable rate increases for its residential insurance policies in the state, potentially impacting millions of homeowners and renters. The company has filed for a 30% rate hike for its homeowners’ insurance, a 52% increase for renters, and a 36% escalation for condominium owners. This marks the third major change for State Farm in California within a year. State Farm’s Justification In a statement, State Farm indicated that these rate increases are necessary for the long-term sustainability of its California subsidiary, State Farm General.…

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State Farm Water Damage Policy Triggers Lawsuit

H. Cutner
state farm water damage policy

In recent developments, a class-action lawsuit is being prepared against State Farm Insurance, challenging the insurer’s updated and ambiguous water damage policy language. The policy’s vague terminology maybe the reason to an alarming denial rate of water damage claims among homeowners, raising significant concerns about the fairness and transparency of claim assessments. Rising Concerns Among State Farm Policyholders Homeowners across California have reported a surge in denied water damage claims since State Farm updated its homeowners’ policy in 2019. According to David Melzer, a public adjuster who advocates for homeowners,…

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3 Zip Codes Get The Worst of State Farm Non-renew Campaign in California

G. Turner
State Farm - Fire Risk Assessment - Bel Air

In an announcement that may reshuffle the deck for homeowners’ insurance across California, industry giant State Farm revealed a strategic shift in their coverage plans, affecting thousands of property and commercial apartment policies in the state. With implications extending to the very nature of wildfire and earthquake risk management, this move by State Farm is poised to remove billions in risk from the company’s books. Earthquake Aftermath Concerns Amplify Fire Risks in California While earthquake policies in California are indeed underwritten through the state-run California Earthquake Authority, State Farm’s heightened…

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Colorado Gun Insurance Bill Moves Forward Amid Diverse Opinions

G. Turner
gun insurance

Article Update: On April 20, the Colorado House passed a bill requiring all gun owners to have liability insurance for accidental firearm discharges, starting January 1, 2025. Representatives Steven Woodrow and Iman Jodeh, HB24-1270 aims to promote responsible gun ownership and was narrowly approved with support from key Democrats. The legislation allows for coverage through existing insurance policies and includes provisions for those unable to afford it. Woodrow emphasized the bill’s role in covering the costs of gun violence and ensuring safer communities, while Jodeh likened the insurance requirement to…

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Florida Insurance Crisis Intensifies With Predictions of a Harsh Hurricane Season

Kirk Chivas
Florida insurance crisis - hurricane image on radar

Florida Homeowners Brace for Busy Hurricane Season Amid Skyrocketing Insurance Rates Florida homeowners, already bearing insurance rates that nearly triple the national average, now face the grim prospect of an “explosive” hurricane season, casting shadows on the financial resilience of the state’s insurer of last resort. With home insurance premiums in the Sunshine State escalating to an average of $6,000 a year—a stark contrast to the national average of approximately $1,700—Governor Ron DeSantis has called the state-run Citizens Property Insurance Corp. “not solvent,” sparking concerns over its potential inability to…

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Mercury updates Flume Water Monitor partnership to support home insurance policyholders

Marc
Home Insurance - House leaks - partnership

The insurer hopes the collaboration will help customers to decrease the risk of water leaks US insurer Mercury has announced that it is keeping up its partnership with Flume Water Monitor to support its home insurance policyholders. This announcement was made during Fix a Leak Week Flume Water Monitor, a leading smart water loss prevention tech company, offered additional savings to Mercury’s home insurance customers throughout that week. Policyholders were offered Flume at a discount of 25 percent off. Moreover, in certain qualifying states, the insurer also gave discounts on…

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State Farm Releases Non-Renewal Numbers Amid California’s Deepening Home Insurance Crisis

Angela Linders
Depositphotos - auto insurance - State Farm Sign

State Farm “Restructures” California Portfolio The company made it official, in a move to ensure the financial health of its operations within California, State Farm General Insurance Company is set to scale back its insurance offerings in the state. With an estimated 72,000 policies facing non-renewal, customers across California are poised to feel the pinch as they seek alternative coverage solutions. Starting July 3, 2024, State Farm General will cease renewing approximately 30,000 homeowners, rental dwelling, residential community association, and business owners policies, citing the necessity to sustain adequate claims-paying…

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