Two wildfire victims are suing California’s top insurance regulator, alleging the state failed to protect Californians from unscrupulous, out-of-state adjusters working illegally in California who mishandled claims. The Department of Insurance is fighting the case in court, saying in documents that the suit is “an attempt to manufacture a ‘crisis’ that does not exist.” Yet… Continue reading Are Adjusters Cheating California Wildfire Victims?
Tag: homeowners insurance
‘Disaster After the Disaster:’ Fighting Insurance Over Tornado Damage
Insurance companies have become an obstacle to some people rebuilding from the Memorial Day tornadoes, a Dayton Daily News investigation found. The Dayton Daily News used Ohio public records laws to obtain all insurance complaints filed in Montgomery, Greene and Miami counties and identified 41 related to the Memorial Day tornadoes. Of those, a common… Continue reading ‘Disaster After the Disaster:’ Fighting Insurance Over Tornado Damage
Is Wildfire Risk Turning California Into A ‘Third World’ State?
The darkened traffic signals, long lines for gasoline and the sight of senior citizens laboring to recharge their medical devices have forced the world’s fifth largest economy to confront its vulnerability to wildfires — while exposing Pacific Gas and Electric Co. to withering criticism about its aging power equipment. For the seventh time in less… Continue reading Is Wildfire Risk Turning California Into A ‘Third World’ State?
Composite Rate for Personal Lines Insurance Rises to Plus 4.5%
The composite rate for personal lines continued to increase. Rates increased from plus 3.5 percent in the second quarter 2019 to plus 4.5 percent in third quarter. Average rates for homeowners coverage for large homes over $1,000,000 in coverage A value increased the most at plus 6.5 percent. This is a notable increase and is… Continue reading Composite Rate for Personal Lines Insurance Rises to Plus 4.5%
Unprecedented Power Outages Begin in California as Winds Bring Critical Fire Danger
In an unprecedented move, Pacific Gas & Electric early Wednesday began shutting off power to about 800,000 customers across Northern California in an attempt to avoid wildfires caused by winds damaging power equipment. The power cutoffs started in several counties around Sacramento, including Placer and Yuba, amid increasing winds. Officials said cutoffs will continue throughout… Continue reading Unprecedented Power Outages Begin in California as Winds Bring Critical Fire Danger
PG&E Moves Forward with $11 Billion Settlement Plan
PG&E Corp. said on Monday that it has formalized an $11 billion settlement with insurance companies over wildfire claims and denounced an alternative bankruptcy plan made last week by bondholders. The deal covers insurance carriers and hedge funds that were seeking compensation from PG&E for payouts insurers made to homeowners and businesses in connection with… Continue reading PG&E Moves Forward with $11 Billion Settlement Plan
Fire and Hail Push Insurers to Rethink Climate Change Risks
By the time David Kaisel got back from selling his flour at a farmers’ market, a wildfire in California’s Capay Valley had burned both his tractor and the shipping container where he kept some tools. His insurer is set to pay out a sixth of his losses. He is now considering widening his coverage in… Continue reading Fire and Hail Push Insurers to Rethink Climate Change Risks
No One Can Agree on How to Price California Home Insurance for Wildfires
Finding home insurance in wildfire-prone parts of California is getting more difficult and more expensive. No one can agree on how to make it any easier. A new flashpoint is the use of algorithmic models for predicting catastrophe losses. Insurers have long used these models to project losses from natural disasters but insurers, homeowners and… Continue reading No One Can Agree on How to Price California Home Insurance for Wildfires
Home Insurance Customer Satisfaction Declines, Opening Door for Insurtech Disruptors: J.D. Power Finds
Nearly three-fourths (74%) of homeowners insurance customers believe the industry needs improvement, with 13% of customers indicating that “radical improvement is needed,” according to the J.D. Power 2019 U.S. Home Insurance Study.SM The study also finds that overall customer satisfaction with home insurance has declined for the first time since 2015, creating an opportunity for… Continue reading Home Insurance Customer Satisfaction Declines, Opening Door for Insurtech Disruptors: J.D. Power Finds
PG&E Agrees to Pay $11 Billion Insurance Settlement Over California Wildfires
Utility giant PG&E has agreed to a second large settlement over devastating Northern California wildfires, saying it will pay $11 billion to resolve most insurance claims from the wine country fires in 2017 and massive Camp Fire in 2018. “These claims are based on payments made by insurance companies to individuals and businesses with insurance… Continue reading PG&E Agrees to Pay $11 Billion Insurance Settlement Over California Wildfires