Author Topic: Dropped By Your Insurer? Where to go for help  (Read 1314 times)

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Offline Wrightwood

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Dropped By Your Insurer? Where to go for help
« on: Mar 14, 24, 01:40:48 PM »
If you are one of the many Californians whose insurance company had notified you they will not be renewing your home insurance policy, don’t panic, but start shopping ASAP.

In California your insurer must give a minimum of 75-days notice before your policy expires.  You likely will need at least that much time to find a replacement policy you can afford. Watch this video for more information on steps to take if if your home insurance company drops you.

https://www.youtube.com/watch?v=SSDypQqIuQw
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Offline Joe Schmoe

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Re: Dropped By Your Insurer? Where to go for help
« Reply #1 on: Mar 14, 24, 11:12:35 PM »
We're being extorted by insurers.  The Insurance Commissioner needs to go.  Then, remove the requirement to insure vehicles and homes.

Offline in my dreams

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Re: Dropped By Your Insurer? Where to go for help
« Reply #2 on: Mar 15, 24, 12:00:33 AM »
Why would you remove the requirement to insure vehicles? You loose your home--that's your problem (sadly, but it  doesn't impact others). Car insurance protects other people should you be at fault in an accident. And, the state offers low-cost car insurance for people with low incomes, unlike their homeowner insurance.

Offline lwt42

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Re: Dropped By Your Insurer? Where to go for help
« Reply #3 on: Mar 15, 24, 12:42:51 PM »
We're being extorted by insurers.  The Insurance Commissioner needs to go.  Then, remove the requirement to insure vehicles and homes.

As far as I know, there is no government requirement to insure your home.

If you have a mortgage, it's the bank that requires insurance so they get their money back if the house is lost.

On car insurance, you're required to carry Public Liability and Property Damage.  Collision and Comprehensive coverage are often required if you have a car loan. PL&PD covers the other guy's car in a collision.

I have considered dropping most of the insurance on the house in favor of a simple General Liability policy -- if someone trespasses and hurts themselves and sues, I'd be covered.  Going back as far as I can remember, no Homeowner's claims (at all), so I'm not sure what I'm getting for my money.

That said, I am carrying "normal" homeowners insurance.

Offline Wrightwood

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State Farm General Insurance Company: Update on California
« Reply #4 on: Mar 21, 24, 02:13:15 PM »
Bloomington, IL, March 20, 2024 — State Farm General Insurance Company (“State Farm General”) is working to ensure its long-term sustainability in California. In doing so, State Farm General has had to make some difficult but necessary decisions that will impact a portion of our California policyholders as follows:

    Non-renew approximately 30,000 homeowners, rental dwelling, and other property insurance policies (residential community association and business owners)
    Withdraw from offering commercial apartment policies with the non-renewal of all of those approximately 42,000 policies

These actions are California-specific and will occur on a rolling basis over the next year, beginning on July 3, 2024, for homeowners, rental dwelling, residential community association and business owners policies and on August 20, 2024, for commercial apartment policies. Combined, these policies represent just over 2% of State Farm General’s policy count in California.

This decision was not made lightly and only after careful analysis of State Farm General’s financial health, which continues to be impacted by inflation, catastrophe exposure, reinsurance costs, and the limitations of working within decades-old insurance regulations. State Farm General takes seriously our responsibility to maintain adequate claims-paying capacity for our customers and to comply with applicable financial solvency laws. It is necessary to take these actions now.

We also recognize the Insurance Commissioner’s proposed regulatory reforms, such as streamlining the rate application process, accounting for catastrophe modeling and reinsurance costs in rates, and addressing FAIR Plan vulnerabilities. We will continue to work constructively with the California Department of Insurance, the Governor’s Office, and policymakers to actively pursue these reforms in order to establish an environment in which insurance rates are better aligned with risk.

We will notify customers impacted by this decision in advance of their policy expiration to provide information on other coverage options. State Farm independent contractor agents licensed in California will continue to service policies not impacted by these decisions. State Farm General’s May 2023 decision regarding new applications remains unchanged. We will evaluate the need for any additional business actions as market conditions change.

 *State Farm General Insurance Company is the provider of homeowners insurance in California