Californians on Edge as Judge Weighs State Farm’s Rate Hike Request The courtroom drama around State Farm’s emergency rate hike request might be finished, but the fallout is just beginning. After a high-stakes, three-day hearing in Oakland, the insurer, the California Department of Insurance, and advocacy groups are all waiting on an administrative law judge to decide if the proposed increases will formally take effect. And while this legal tug-of-war plays out, roughly three million California homeowners and policyholders are bracing themselves for what these changes might mean for their…
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California homeowners overcharged for wildfire insurance to be refunded
State Commissioner Ricardo Lara has announced that there will be about $1.5 million in refunds. California Commissioner Ricardo Lara has announced that Kemper Independent Insurance Company overcharged its policyholders for their wildfire insurance coverage. As a result, that insurer has issued $1.5 million in refunds to thousands of homeowners. The Department of Insurance determined that the insurer had been overcharging for that risk. Both Kemper and Unitrin Auto and Home Insurance Company, its affiliate insurer, have also agreed to pay $617,200 to the General Fund as a combined penalty and…
Read MoreSome Oregon home policy rates to rise due to wildfire insurance risk
The state recently published a map to show which properties are at the highest and extreme level risks. After the catastrophic season in 2020, Oregon has moved ahead with strategies to advise people as to whether they are living in vulnerable areas, in a move that might send home wildfire insurance rates upward. While people did want to now if their properties were at an extreme risk of blazes during the summertime. While the new maps have been seen as informative and helpful, certain homeowners, particularly those in rural parts…
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