Major insurer gives brutal ultimatum to entire state: Let us put up prices by 50 percent or we will leave
California's largest insurer has given the state's government an ultimatum as the cost of providing cover continues to soar
State Farm on Thursday told California's Department of Insurance to let them raise home insurance rates for millions of citizens, or they will ax cover. The move by the insurance giant comes amid a growing insurance crisis in California.
A slew of insurers - including Allstate, Farmers Direct and State Farm in a previous move - have limited cover or stopped doing business entirely in the Golden State. They blame the intensifying risk of climate disasters.
State Farm disclosed it wants to raise prices by 30 percent for homeowners, 36 percent for condo owners, and 52 percent for renters. - 'This has the potential to affect millions of California consumers and the integrity of our residential property insurance market,' insurance commissioner Ricardo Lara said.
The California Department of Insurance had already approved two State Farm requests that saw citizens home insurance rise drastically, including a 6.9 percent hike at the start of last year and a 20 percent rise that began this past March.
'State Farm General’s latest rate filings raise serious questions about its financial condition,' he said of the number one insurance firm in the US. He added how a rate hearing may even necessary.. Only then, he said, would officials make a decision on whether to approve the requests - a process that could end up taking months.
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This post directly related to another State Farm move done just a little over a year ago -- then it was an announcement that they would no longer write any new policies in CA; now, as seen, they intend to jack up the prices for all existing policies -- all of course blamed on the catch-all 'climate-change' lie of the centuries; see State Farm one yr. ago:
California's largest insurer has given the state's government an ultimatum as the cost of providing cover continues to soar
State Farm on Thursday told California's Department of Insurance to let them raise home insurance rates for millions of citizens, or they will ax cover. The move by the insurance giant comes amid a growing insurance crisis in California.
A slew of insurers - including Allstate, Farmers Direct and State Farm in a previous move - have limited cover or stopped doing business entirely in the Golden State. They blame the intensifying risk of climate disasters.
State Farm disclosed it wants to raise prices by 30 percent for homeowners, 36 percent for condo owners, and 52 percent for renters. - 'This has the potential to affect millions of California consumers and the integrity of our residential property insurance market,' insurance commissioner Ricardo Lara said.
The California Department of Insurance had already approved two State Farm requests that saw citizens home insurance rise drastically, including a 6.9 percent hike at the start of last year and a 20 percent rise that began this past March.
'State Farm General’s latest rate filings raise serious questions about its financial condition,' he said of the number one insurance firm in the US. He added how a rate hearing may even necessary.. Only then, he said, would officials make a decision on whether to approve the requests - a process that could end up taking months.
__________________________________________________
This post directly related to another State Farm move done just a little over a year ago -- then it was an announcement that they would no longer write any new policies in CA; now, as seen, they intend to jack up the prices for all existing policies -- all of course blamed on the catch-all 'climate-change' lie of the centuries; see State Farm one yr. ago:
