Tag: insurance industry

APCIA Criticizes Consumer Watchdog’s Eligibility in California Insurance Proceedings

Logan B.
California insurance nonprofit organization consumer advocate group

Controversy Arises in California Insurance Over Consumer Watchdog’s Eligibility The American Property Casualty Insurance Association (APCIA) has issued a statement against Consumer Watchdog following a recent development that has sparked significant controversy within the insurance industry. Consumer Watchdog, a nonprofit organization, was deemed eligible to receive compensation in California Department of Insurance proceedings as an intervenor for the next two years. This decision came despite numerous concerns raised by both the insurance industry and government officials regarding the group’s role and effectiveness. Industry Concerns Raised Questions have emerged about how…

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Homeowners Insurance Reimagined: The High-Tech Tools That Could Cancel Your Coverage

Marc
homeowners insurance and drones insurance tools

In-Depth Look at New Trends in Homeowners Insurance In today’s world, protecting your home means more than just locking your doors and installing a security system. Homeowners need to be vigilant about potential hazards not just on their property, but also how those hazards are perceived from above. Increasingly, insurance companies are using satellite imagery and drones to assess properties, identifying risks that might previously have gone unnoticed. Trampolines, debris on roofs, and even decorative ivy can now lead to coverage cancellation, often without warning. Nationwide Phenomenon It’s not just…

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Could Your Yard Be Inviting Fire? Discover the Common Mistake Homeowners Make

G. Turner
homeowners high risk mulch

Mulch Fire Risk Poses Growing Threat to California Homes In California, where the risk of wildfires is both imminent and escalating, a common landscaping choice—mulch—is emerging as an overlooked fire hazard that many homeowners inadvertently invite into their yards. This seemingly innocuous product, made from organic materials like wood chips and bark, can easily ignite and create a dangerous “fuel source” right next to residences. The Rising Tide of Wildfires California’s unique climate—a combination of hot, dry summers and seasonal Santa Ana winds—has created the perfect storm for wildfires. Drought…

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State Farm Tech An Unseen Side of the Insurance Giant

Marc
State Farm - Technology - Digital

State Farm Goes Beyond Insurance State Farm Insurance is widely known for its slogan, “Like a good neighbor, State Farm is there.” However, the insurance giant has gradually unveiled a different side to its business—technology. While many may associate State Farm with auto, home, and life insurance, the company is making significant strides in the tech industry, offering an array of patented innovations for sale. Which includes technologies ranging from auto telematics and smart home tech to unmanned aerial mission systems and adjustable virtual scenario-based training environments, has sparked a…

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Hurricane Beryl Impact on the Insurance Industry: An Early Test of Resilience

Logan B.
Hurricane Beryl

Hurricane Beryl has made history as the earliest Category 5 hurricane on record, marking a turbulent start to the 2024 Atlantic hurricane season. Despite its initial strength and the potential for significant impact, the insurance industry has so far weathered the storm relatively well. However, the season’s outlook suggests that insurers may need to brace for more challenging weather ahead. Early Strength and Managed Impact Beryl’s rapid intensification caught the attention of meteorologists and industry experts alike. The hurricane’s path through the Caribbean caused concern, but the damage trajectory ultimately…

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State Farm settles life insurance suit with $65 million payment

G. Turner
Life Insurance - Lawsuit - Gavel

The insurer has agreed to pay tens of millions to settle the suit involving overcharges State Farm Life and Accident Assurance Company are issuing life insurance settlement checks as pay out for a class action lawsuit against the companies. The lawsuit was filed in a federal court and involved overcharging accusations Attorneys representing the class action lawsuit accused State Farm in a Missouri federal court of having overcharged its customers for life insurance policies.  The massive settlement involves allegedly overcharging about 450,000 policyholders who purchased universal coverage between 1986 and…

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State Farm is keeping some California home insurance customers after all

G. Turner
Home Insurance California covered by State Farm

Still, the coverage that they will be receiving won’t be the same as what they’re used to State Farm has announced that it will be making it possible for some California home insurance customers to renew their policies, after having previously announced that it would no longer be selling or renewing property coverage in the state. That said, there is an important change to the coverage it will be providing While this does mean that homeowners will be able to keep their home insurance coverage, they should be aware that…

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