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State Farm canceled 72,000 policies in California, nearly half of which were for home insurance, Barron’s reported. Allstate stopped selling policies in the Golden State for businesses and ...
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.
As of May 27, 2023, State Farm has ceased accepting new applicants for business and personal casualty insurance in California. [ 75 ] [ 76 ] State Farm states that this decision was made due to "historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market."
A State Farm insurance company sign sits amid the rubble of a building destroyed by the Palisades Fire on Sunset Boulevard in the Pacific Palisades neighborhood of Los Angeles on January 16, 2025.
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.
In 1820, there were 17 stock life insurance companies in the state of New York, many of which would subsequently fail. Between 1870 and 1872, 33 US life insurance companies failed, in part fueled by bad practices and incidents such as the Great Chicago Fire of 1871. 3,800 property-liability and 2,270 life insurance companies were operating in ...
In California, minimum coverage car insurance requirements are 30/60/15 effective Jan. 1, 2025. Utah minimum coverage limits will increase to 30/60/25. Virginia limits will be 50/100/25.
The State of California has in existence an automobile Liability insurance program (LCA) that assists people whose income is below a certain level to purchase insurance at greatly reduced rates. The objective is to give all residents of California the opportunity to be insured by providing affordable options. [1]
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