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BUSINESS
November 3, 1994 | From Times Staff and Wire Reports
The head of Farmers Insurance Group's British parent company said Wednesday that Farmers will not lift its current freeze on writing new homeowners and earthquake insurance in California "until we get our way"--that is, until Farmers is allowed to raise its earthquake policy deductibles to 25%. Martin Broughton, chief executive of BAT Industries, made the remark in an interview with public television's "Nightly Business Report."
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BUSINESS
November 3, 1994 | From Times Staff and Wire Reports
The head of Farmers Insurance Group's British parent company said Wednesday that Farmers will not lift its current freeze on writing new homeowners and earthquake insurance in California "until we get our way"--that is, until Farmers is allowed to raise its earthquake policy deductibles to 25%. Martin Broughton, chief executive of BAT Industries, made the remark in an interview with public television's "Nightly Business Report."
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BUSINESS
February 16, 1996 | Times Staff and Wire Reports
Homeowners Insurance Still Available: A Consumers Union survey of more than 100 escrow companies in Los Angeles and the San Francisco Bay Area shows that although consumers are having to shop around more and pay higher prices, they are still able to obtain homeowners insurance. California law requires insurers to offer earthquake coverage to their homeowners customers.
REAL ESTATE
January 13, 2002 | From Inman News Features
The State Farm affiliate providing homeowners insurance in California has announced an average statewide rate increase of 6.9% for its policyholders. Woodland Hills-based State Farm General Insurance Co.'s new rates have been approved by the California Department of Insurance and will take effect Feb. 9 for new customers. Existing State Farm customers in California will face these increases when their policy comes up for renewal.
CALIFORNIA | LOCAL
July 4, 2000
21st Century Insurance Co. in Woodland Hills has been upgraded to an A+ rating by A.M. Best, the world's oldest authoritative insurance rating and information source. The new A+ (Superior) rating represents Best's recognition of 21st Century's improvement since the 1994 Northridge earthquake, which forced the company to liquidate $500 million of its investment portfolio. The company paid more than $1.
REAL ESTATE
February 2, 2003 | From Times staff and wire reports
New California Insurance Commissioner John Garamendi plans to issue an order this month that will give consumers trying to buy homeowners policies the right to review their credit scores and past insurance claims records. They also would be able to correct errors in insurance company files. Garamendi said Tuesday that he will promulgate the orders as part of a Homeowners Bill of Rights designed to ease the problem of obtaining and renewing homeowners insurance in California.
BUSINESS
June 8, 1995 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
After extended administrative hearings, Insurance Commissioner Chuck Quackenbush approved a controversial new earthquake insurance plan for Farmers Insurance Group, under which the state's third-largest insurer will increase rates by an average of 138% and impose higher deductibles and co-payments on most customers. The plan also allows consumers to opt for a new kind of bare-bones earthquake insurance policy providing limited coverage at a lower price than the traditional policy.
BUSINESS
May 26, 1995 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Sixteen months after the Northridge earthquake, insurers representing 93% of the California market have either stopped writing new homeowners insurance entirely or have imposed stiff restrictions on their writings, according to a new study by the state Insurance Department. A companion survey also released Thursday shows that prices for homeowners insurance have climbed sharply since 1993--a development also attributed to the Jan. 17, 1994, earthquake, which cost insurers an estimated $11.
BUSINESS
August 20, 1993 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
An insurance company accused of illegally discriminating against homosexual, minority and poor consumers in San Francisco agreed Thursday to pay a $500,000 fine, California's largest sanction ever for redlining. In an unusual arrangement, California Insurance Group will pay $100,000 of its penalty to minority and gay organizations to finance community improvement, safety and crime-prevention programs aimed at making their neighborhoods better insurance risks.
CALIFORNIA | LOCAL
August 11, 1994
Hurray for Benjamin Zycher, a lonely voice telling it like it is again in his column "Misguided Policies--Then the Earthquake," Commentary, July 27. He is absolutely correct, tying earthquake coverage to homeowners insurance works only as long as homeowners is a profitable line of business and the earthquakes are small. However, there is much more to the availability problem in the homeowners line of business in California than just the Northridge earthquake. The California insurance industry has not made a profit in the homeowners line since 1989.
CALIFORNIA | LOCAL
July 24, 2003 | Kenneth Reich, Times Staff Writer
Safeco, the seventh-largest seller of homeowners insurance in California, announced Wednesday that it will not sell any new policies in the state, although it will continue to service the customers it has. The move was explained by company spokesman Paul Hollie as a reaction to an emergency regulation promulgated this week by state Insurance Commissioner John Garamendi that restricts insurers' rights to choose their customers on the basis of past claims history.
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