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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 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.
State Farm is expected to increase its average rate for homeowner insurance policies in California by 20% next year, under a proposal approved last week by the Department of Insurance, records shows.
Renters' insurance, often called tenants' insurance, is an insurance policy that provides some of the benefits of homeowners' insurance, but does not include coverage for the dwelling, or structure, with the exception of small alterations that a tenant makes to the structure.
State Farm Mutual Automobile Insurance Company is the parent company of several wholly owned State Farm subsidiaries: [2] State Farm Fire and Casualty Company; State Farm Life Insurance Company; State Farm Life and Accident Assurance Company (NY/CT/WI) State Farm County Mutual Insurance Company of Texas (TX auto)
In September 2023, California Insurance Commissioner Ricardo Lara announced the Sustainable Insurance Strategy — the largest overhaul of the state’s insurance regulations since Prop 103 passed ...
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