June 22, 1994 |
State Farm Mutual Automobile Insurance Co., the largest property insurer in California and the United States, warned Tuesday of a "looming crisis" in California homeowners insurance precipitated by the withdrawal of two major insurers from the market after the Northridge earthquake. "Without immediate action to pass a rational plan to provide relief, additional companies will be driven from the market," State Farm President Edward B. Rust Jr. told Gov.
December 30, 1994 |
State Insurance Commissioner John Garamendi has denied a request by State Farm Insurance Cos. for a rate increase on its homeowners and manufactured-home policies in California. The announcement came just 15 days after State Farm raised its estimate of losses from January's Northridge earthquake by 26%, to $2.53 billion. The insurer expects that to be the final tally.
CALIFORNIA | LOCAL
April 11, 1995 |
Legislators and journalists are finally beginning to recognize what many homeowners and home buyers already know: California is in the midst of a home insurance crisis. Faced with the prospect of ruinous earthquake liability, a growing number of insurers have stopped writing new home insurance policies in California. Several are even considering withdrawing entirely from the state's homeowners insurance market.
April 16, 1995
Buyers who find their dream house and a dream of a mortgage still face another hurdle: the nightmare of finding an affordable homeowners insurance policy. At the sixth annual Los Angeles Times Home Buyers and Sellers Fair, a special workshop--"Coping With the Crisis in Homeowners Insurance"--has been added to this year's lineup of Q&A panel discussions. Fair-goers can find out which companies are writing new policies in Southern California, how much it costs and what type of insurance to obtain.
October 30, 1996 |
The California homeowners insurance market is pointed toward early revival, with two major companies saying Tuesday that they will resume sales of new policies, and word that the state is reinstituting sales of its FAIR plan policies of last resort. Apparently, prospects for an early start-up of the California Earthquake Authority are fueling moves toward market recovery, even though the new state agency remains in a pricing controversy.
July 14, 1994 |
A coalition of consumer groups, convinced that the California homeowners insurance crisis is being trumped up by insurance companies, called on Gov. Pete Wilson and the Legislature Wednesday to create a public nonprofit corporation to be the sole seller of earthquake and homeowners insurance.
January 7, 1998 |
Homeowners insurance has become much more widely available to California buyers than in 1995, with 107 companies now offering policies on an unrestricted basis compared to just four then, state Insurance Commissioner Chuck Quackenbush reports. A survey taken by the Insurance Department has found that increases in premium prices have stabilized below the rate of inflation, with an average rise of 2.6% between March 1996 and October 1997, the commissioner said.