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Leading insurers such as State Farm, USAA and Allstate all have requests for rate increases pending with the state insurance department, and are requesting hikes of 28.1%, 30.6%, and 39.6% ...
The rule will require home insurers to offer coverage in high-risk areas, something the state has never done, Insurance Commissioner Ricardo Lara's office said in a statement.
Multiple insurers have stopped writing new home policies, and the state's largest home insurer, State Farm General, said this year it would not renew policies for 72,000 California property owners.
That would mean, for example, an insurer with a 10% share of the state's homeowners insurance market would have to cover 8.5% of the homes in riskier neighborhoods as identified by the department ...
The deal is part of a series of proposed changes to state law promoted by Insurance Commissioner Ricardo Lara as a way to stabilize California’s tumultuous market. Homeowners have seen a rapid ...
Many homeowners are facing large annual price increases or no options for coverage except with the California FAIR Plan, the state-created private insurer of last resort.