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State Farm, California’s largest insurance provider, is asking for a 22 percent interim rate hike for California homeowners just week after the deadly Los Angeles wildfires (Getty Images)
Get major insurers to write policies for high-risk areas: The California Department of Insurance is looking for the top 12 home insurance companies in the state to commit to writing a minimum of ...
State Farm is seeking increases of as much as 52% for some of its residential insurance rates in California, which could ramp up the financial burden for many homeowners and renters in the state ...
In early 2009, the State Farm Florida subsidiary, the state's largest insurer, offered to withdraw from writing property insurance business in Florida after state regulators refused to approve a 47% property rate increase. State Farm said that, in Florida, it had paid out US$1.21 in claims for every dollar in premiums since 2000.
Despite new state regulations that required homeowners with Citizen's Insurance to also purchase Federal Flood Insurance, June 2023 saw the number of Citizen’s policies balloon past 1.3 million. [35] Two private companies agreed to accept 26,000 Citizens policies in spring 2023.
The remaining 21.3% of home insurance policies were covered by renter's or condominium insurance. 14.8% of these had the HO-4 Contents Broad form, also known as renters' insurance, which covers the contents of an apartment not specifically covered in the blanket policy written for the complex. [13]