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State Farm, after La Fires, looking for a 22% ratio in California

Posted by Unes on February 4, 2025
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Along with the 22% ratio of owners of single-family homes, the State Farm also requires an urgent increase for condominium owners and a 38% increase in rent houses. If confirmed, new prices will come into force on May 1.

State farms cover 20% in the district. To date, the state has issued more than 8,700 claims and pays more than $ 1 billion to customers in Southern California.

In March 2024, the state farm was increased by 20%. That month, the company announced that he will not be updated in California. In addition, it is completely involved in the fact that the renters affect the owners of the property, but the renters are completely drawn to propose a commercial apartment policies. At this time, this resulted in the spill of about 2% of its policy in California.

The company also demanded a 30% ratio ratio in July 2024, but it was never confirmed.

California Insurance Department regulates the insurance premium in the state. The insurers are required to demand a ratio increase from the state before the implementation.

New domestic landlords in California, California said he did not accept to apply to the insurance policy. In a statement about the decision, government farming increased risks, increased risks, reinsurance and reconstruction costs.

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