Two big insurers won't follow Allstate and State Farm out of California. As much of the state scrambles for home insurance, at least two major providers are sticking around.
Amid intensifying wildfires, floods, and other environmental challenges, homeowners in San Francisco and across California have enough to worry about while keeping a roof over their heads.
State Farm announced the decision on May 26, citing myriad issues as to why the provider would stop providing applications. A statement from the California Department of Insurance last week emphasized that State Farm’s move was temporary, but the company gave no indication in their announcement when the situation might change. According to the department, the reasons for State Farm’s decision boil down to climate change, higher reinsurance costs across the industry and global inflation.
SF seafood company's ex-CFO indicted for embezzling $2 million Antonietta Nguyen, 55, is alleged to have used money from the company's bank account to pay for personal expenses Allstate announced on June 2 it was leaving California, citing similar issues as State Farm. But Allstate told The Examiner in a statement that it had already paused accepting new applications last November.
According to Janet Ruiz, the strategic communications director of the Insurance Information Institute, Proposition 103 does act as a barrier to insurers being able to price prospectively based on climate models. It also bars insurers from “incorporating the cost of reinsurance into the price of coverage,” and “slows down and restricts the size of property insurance rate increases” during the California Department of Insurance rate approval process.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
California Democrats lament 'struggle' in passing reparations: 'Not as liberal as people want us to believe'California Democrats are reportedly frustrated by a lack of support for reparations among voters and members of their party in the state amid ongoing legislative discussions.
Leer más »
NCAA softball: Oklahoma eyes 3rd straight title in WCWS finals against Florida StateOklahoma, which has a record 51-game win streak and leads the nation in scoring, batting average and home runs, will try to get past Seminoles pitcher Kathryn Sandercock in a best-of-three series t…
Leer más »
Texas is going California on its housing policyTexas politicians love to bash California. They run campaigns with the slogan “Don’t California my Texas” and brag about California companies that have...
Leer más »
Scholar, activist Cornel West says he will run for president in 2024 as 3rd-party candidateScholar and progressive activist Cornel West announced Monday he is running for president next year as a third-party candidate, saying he wants to empower people who have been “pushed to the margins.”
Leer más »
Scholar, activist Cornel West says he will run for president in 2024 as 3rd-party candidateScholar and progressive activist Cornel West announced Monday he is running for president next year as a third-party candidate, saying he wants to empower people who have been “pushed to the margins.” In a Twitter video, West said he will run as a member of The People’s Party. He criticized both major political parties and their standard bearers, President Joe Biden and…
Leer más »
AJ Armstrong's 3rd capital murder trial delayed until next weekOpening arguments were set to begin Monday morning in the trial of A.J. Armstrong, who is back in court for a third time to face allegations he killed his parents.
Leer más »