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California Insurance Commissioner Ricardo Lara has approved regulations that next year will let insurers use complex computer programs that predict future risk in setting rates.
(The Center Square) - California homeowners may face noticeable insurance rate hikes under new rules finalized by state regulators that allow property insurers to use complex climate algorithms ...
Bankrate’s premium data from Quadrant Information Services indicates that the annual average cost of home insurance in California is $1,217 for $250,000 in dwelling coverage, which is about 28 ...
Proposition 103, titled Insurance Rate Reduction and Reform Act, was a California ballot proposition voted on in the 1988 California General Election. It passed with 51% of the vote on November 8, 1988. [1] Proposition 103 expanded the regulatory capacities of the California Department of Insurance, especially in property and casualty insurance.
The range of coverage provided by the CEA includes dwelling, personal property, and additional living expenses, along with unique options such as the Homeowners Choice policy. [2] In 2019, the CEA controlled 67% of California's market for residential earthquake insurance.
The California Department of Insurance (CDI), established in 1868, is the agency charged with overseeing insurance regulations, enforcing statutes mandating consumer protections, educating consumers, and fostering the stability of insurance markets in California.
California's home insurance crisis: What went wrong, how it can be fixed and what owners can do. Laurence Darmiento. March 29, 2024 at 4:08 PM.
The Personal Insurance Federation of California, which represents large companies, including State Farm, Allstate and Farmers Insurance, expressed support for the proposal. The plan is “an ...