Two additional insurance companies are pulling out of California, leaving thousands more without coverage as wildfire season nears.
Insurance is required on all vehicles operated or parked on California roads.
California's wildfire risk is so high, numerous insurance companies have left the state. Now, the insurance commissioner has presented a new plan to entice them to return.
Executive Life Insurance Company (ELIC) was once the largest life insurance company in California. Its financial problems and subsequent insolvency in April 1991 shocked its policyholders and the financial world. At the time, First Executive was the biggest insurer ever to fail, which resu...
Two insurance industry giants have stepped back from the California marketplace. They say that wildfire risk and soaring construction costs have prompted them to stop writing new policies. State Fa...
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Bankrate analyzed the data to find the average cost of car insurance in California.
Finding insurance in California, especially for fires, may prove increasingly difficult as many large providers have reduced or pulled their coverage. Farmers Direct Property and Casualty Insurance is one of the latest, after surrendering its certificate of authority Sept. 15 in California, which means the primarily home and auto insurance provider no longer offers policies to Californians. A spokesperson for the company told The Epoch Times its decision was due to an initiative by its parent company, Farmers Insurance, to “increase operation ...
Major auto insurers are pulling back in the California marketplace because they are saying our drivers are just too expensive to insure. ; Californians are driving about as much as they were before the pandemic, but apparently not as well. ; Auto accidents are up and some insurance companies say they are paying out more than they are taking in. But, the insurance commissioner says the facts don't support their claims. ; From 2020 to 2021, auto insurance losses spiked 25% while premiums increased by only 4.5%, according to the American Property Casualty Insurance Association. The rate and severity of auto accidents are up as well as the costs to cover them.
Home and auto insurance coverage is getting harder to come by in California and other disaster-prone regions.