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Four home insurance companies say they will not renew policies for people in California starting next year. That follows similar decisions by Allstate and State Farm dating back to last November.
"State Farm to pull out of 72,000 California insurance policies," blared a Reinsurance News headline. State Farm provides nearly 21 percent of state homeowner policies, so this is big news.
California’s property insurance rates are set by the state, which has led many property insurers such as State Farm and Allstate to stop accepting new customers or leave the state entirely ...
State Farm said in its statement that it recognizes government officials and the California Department of Insurance (CDI) for their wildfire loss mitigation efforts. "We take seriously our ...
In early 2009, the State Farm Florida subsidiary, the state's largest insurer, offered to withdraw from writing property insurance business in Florida after state regulators refused to approve a 47% property rate increase. State Farm said that, in Florida, it had paid out US$1.21 in claims for every dollar in premiums since 2000.
State Farm is seeking increases of as much as 52% for some of its residential insurance rates in California, which could ramp up the financial burden for many homeowners and renters in the state ...
State Farm Mutual Automobile Insurance Co. v. Campbell, 538 U.S. 408 (2003), was a case in which the United States Supreme Court held that the due process clause usually limits punitive damage awards to less than ten times the size of the compensatory damages awarded and that punitive damage awards of four times the compensatory damage award is "close to the line of constitutional impropriety".
Just as wildfire season begins, State Farm General Insurance Company, State Farm's provider of homeowners insurance in California, announced it would not accept any new applications for home ...
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