Major insurer gives brutal ultimatum to CA: Allow increase to prices by up to 52% or we leave.

Sharing is Caring!

A prominent insurance provider has aired an ultimatum to the entire state of California.

The firm, State Farm General, asked the state’s Department of Insurance Thursday to let them raise residential insurance rates for millions of citizens, or see them move out.

The move indicates financial trouble for the insurance giant, which currently covers homes razed by wildfires.

A prominent insurance provider has aired an ultimatum to the entire state of California.

See also  Tide is Turning... Buyers are gaining the upper hand in the housing market as a top real estate CEO warns sellers about high asking prices: ‘The sharks come out, and it will hurt you even more’

The firm, State Farm General, asked the state’s Department of Insurance Thursday to let them raise residential insurance rates for millions of citizens, or see them move out.

The move indicates financial trouble for the insurance giant, which currently covers homes razed by wildfires.

State Farm disclosed it is seeking a 30 percent rate hike for homeowners, a 36 percent increase for condo owners, and a 52 percent increase for renters as a result – a move that would only worsen the state’s already present housing crisis.

See also  CEOs from major tech companies are making moves to mend relations with President Trump

‘This has the potential to affect millions of California consumers and the integrity of our residential property insurance market,’ insurance commissioner Ricardo Lara said in a statement – as the filings make their way through the proper channels.

www.dailymail.co.uk/yourmoney/article-13590495/state-farm-california-rate-hikes-ultimatum.html

 

Views: 127

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.