CALIFORNIA | LOCAL
January 17, 2012 |
Insurance companies don't care if you believe in climate change or not: Your premiums are going up anyhow. NPR reported Monday that home insurance premiums are going up across the board in response to the record number of tornadoes, floods, fires, blizzards and other heavy weather that hit the country in 2011. The piece features insurance executives at major firms such as Allstate and State Farm saying they are raising rates as much as 10%. The president of the Insurance Information Institute, a New York-based industry association, says the weather caused about $35 billion of insured damages last year in the U.S. in events that caused a total of $70 billion in economic losses.
March 20, 2011 |
Japan's massive earthquake has created a surge of interest in quake insurance in a place more than 5,000 miles away ? California. "Earthquakes are clearly on the top of people's minds," said Glenn Pomeroy, chief executive of the California Earthquake Authority, a nonprofit group designed to make quake coverage available to any Californian who wants it. "The images coming out of Japan are surreal, and the news just keeps getting worse and...
February 14, 2011 |
The cost of home insurance is expected to rise in 2011 for the third straight year. Premiums are likely to rise an average of 2% to 3%, according to the Insurance Information Institute, with coastal areas seeing the biggest increases. Hurricane losses have been low in recent years, but damage from rain and winter weather and higher prices for materials to repair homes have driven up costs. In turn, insurance premiums have been creeping up. For 2010, the average premium for home insurance policies rose about 1% to $807, the industry trade group said.
CALIFORNIA | LOCAL
November 18, 2008 |
Once again, thousands of Southern Californians reeling from days of destructive wildfires have been forced to exercise the home insurance policies they hoped they would never have to use. That it comes at a time of global financial crisis raises a new set of questions: how healthy are the insurance companies that protect homeowners in a region continually battered by fires? And will the current economic climate result in higher premiums?
August 3, 2007 |
California hasn't suffered major earthquake damage since 1994 when the Northridge temblor's $44 billion in damages prompted a statewide insurance crisis. Fears grew of huge losses from inevitable catastrophic earthquakes, and within a year insurers were threatening to stop writing all home insurance, including earthquake policies.
May 24, 2007 |
Nearly 1 million customers of Allstate Corp. appear to be paying too much for home insurance and may get partial refunds, California Insurance Commissioner Steve Poizner said Wednesday. He ordered the insurance giant to face hearings this summer before an administrative law judge. If the judge and Poizner conclude that rates are excessive, the commissioner said he would seek refunds that could total millions of dollars. "I am drawing a line in the sand," Poizner said.