The fault lines running through California’s spiraling homeowners insurance crisis were on display Tuesday at a state hearing, where consumer advocates clashed with industry firms over a plan to allow insurers to use complex computer models to set premiums — a move state officials say will attract insurers to the market.
Tag: CA homeowners insurance
The Hartford Will Stop Writing New Homeowners Policies in California
The Hartford Financial Services Group, a major provider of business, home and automotive insurance, will no longer write new policies for California homeowners starting on Feb. 1.
State Farm to Increase Homeowners Rates by 20% in California
State Farm is expected to increase its average rate for homeowner insurance policies in California by 20% this year, under a proposal approved by the Department of Insurance, records shows.
Proposed 11% Rate Hike for Citizens Property Insurance Customers Goes Before Regulators
Insurance regulators took up a request by Citizens Property Insurance Corp. to raise rates by nearly 11%, as policies continue pouring into the state-backed insurer. The Florida Office of Insurance Regulation held a three-hour hearing on the request, which, if approved, would begin taking effect Aug. 1. It was not immediately clear when regulators will… Continue reading Proposed 11% Rate Hike for Citizens Property Insurance Customers Goes Before Regulators
Florida Senate, House Weigh Options to Address Troubled Insurance Market
With premiums skyrocketing and homeowners flocking to the state-backed Citizens Property Insurance Corp., Florida Senate and House members began advancing proposals to address the troubled insurance market on Wednesday. However, in the coming weeks, the Senate and House will have to reconcile their differences on how far they will go in making changes — especially… Continue reading Florida Senate, House Weigh Options to Address Troubled Insurance Market