The number of lawsuits against Boca Raton-based Edison Insurance Co. have doubled in each of the past three years, and now Edison says it needs all of its customers to pay the price. The company is seeking retroactive approval for a statewide average 21.9 percent rate hike scheduled to take effect Feb. 2 for new… Continue reading Florida Home Insurer Seeks $30 A Month Average Statewide Price Hike
Tag: homeowners insurance
Department Issues Revised Pan of Operation for CA’s FAIR Plan
The California Department of Insurance on December 19 issued a revised plan of operation for the California FAIR Plan Association (FAIR Plan) as required under California law. The action furthers Insurance Commissioner Ricardo Lara’s November 14 order, which revoked portions of the FAIR Plan’s current plan of operation and ordered the “insurer of last resort”… Continue reading Department Issues Revised Pan of Operation for CA’s FAIR Plan
How Does California’s New FAIR Law Protect Vulnerable Residents?
California officials announced Wednesday, December 18, 2019, that a new law passed in the state temporarily stopping insurance companies from dropping customers in recently affected wildfire areas. The new law protects more than a million homes in these areas. Almost 1 Million Affected by Wildfires This comes as welcomed news to more than 800,000 residents… Continue reading How Does California’s New FAIR Law Protect Vulnerable Residents?
PG&E, California Agree to $1.68 Billion Settlement for Wildfires
The California Public Utilities Commission has proposed a $1.68 billion settlement with PG&E Corp. for the role the utility company played in igniting a series of deadly wildfires in 2017 and 2018 that killed more than 100 people. Under the terms of the settlement included in a filing by the regulator, the company would be… Continue reading PG&E, California Agree to $1.68 Billion Settlement for Wildfires
California ‘Insurer of Last Resort’ Sues the State as Crisis Deepens in Wildfire Zones
With thousands of rural Californians losing their homeowners’ insurance because of wildfire risks, the state’s “insurer of last resort” sued its regulator Friday, seeking to block his order requiring the insurer to broaden its coverage. The lawsuit, by the industry-backed California FAIR Plan against Insurance Commissioner Ricardo Lara, is the latest twist in a deepening… Continue reading California ‘Insurer of Last Resort’ Sues the State as Crisis Deepens in Wildfire Zones
PG&E Charges to Swell to $25 Billion After Wildfire Settlement
PG&E Corp. expects to take a fourth-quarter charge of $4.9 billion in connection with a new $13.5 billion deal to settle claims from wildfire victims, the company disclosed in a securities filing Monday. The new charge, which PG&E expects to take by year’s end, would raise the company’s total recorded fire-related charges to over $25… Continue reading PG&E Charges to Swell to $25 Billion After Wildfire Settlement
California Bans Insurers from Dropping Policies in Fire-Ravaged Areas
Responding to several years of unprecedented fires across California, regulators on Thursday imposed a one-year moratorium banning insurers from dropping policies for homeowners in wildfire-ravaged areas of the state. The move comes amid an exodus of some insurers in communities hard hit by fires, forcing some homeowners to take plans that provide less coverage, sometimes… Continue reading California Bans Insurers from Dropping Policies in Fire-Ravaged Areas
Openly Secures $7.65 Million to Empower Insurance Agents and Simplify Home Insurance
Openly Inc., the tech-enabled home insurance provider designed to empower rather than replace agents and simplify the home insurance buying process, announces a $7.65M seed round of funding led by Gradient Ventures, Google’s AI-focused venture fund. Simultaneously, Openly announces its market debut in Illinois and Arizona. Openly is backed by a diverse coalition of investors… Continue reading Openly Secures $7.65 Million to Empower Insurance Agents and Simplify Home Insurance
Wildfire Victims Insist $11 Billion Insurance Pact Is Blocking PG&E Deal
Victims of wildfires linked to PG&E Corp.’s equipment said property insurers with billions of dollars on the line aren’t at the negotiating table, lowering the chances of a comprehensive deal to end the bankruptcy. “They took the cash. There’s no cash left,” fire victim lawyer Robert Julian said at a hearing Tuesday in the U.S.… Continue reading Wildfire Victims Insist $11 Billion Insurance Pact Is Blocking PG&E Deal
California to Expand Last-Chance Fire Insurance for Homeowners
As more companies refuse to provide fire insurance to homeowners in a state plagued by increasingly destructive blazes, California’s insurance commissioner said Thursday that a plan once meant to be a last resort will be expanded. “I am taking this action after meeting with thousands of California homeowners across the state who are struggling to… Continue reading California to Expand Last-Chance Fire Insurance for Homeowners