Posted on 01/17/2025 1:26:19 PM PST by dennisw
State Farm will offer insurance renewals to Los Angeles residents it had planned to drop.
In a major U-turn, the company said it would renew policies in the badly-hit Pacific Palisades neighborhood, alongside thousands more in Los Angeles county.
However, the offer does not apply to policies that had already lapsed when the deadly fires started on January 7.
In fact, California insurance commissioner Ricardo Lara urged coverage providers last week to suspend pending non renewals in the Palisades and Eaton fire zones.
State Farm made the U-turn on Wednesday, a move first reported by The LA Times.
Lara's office said he was in talks with State Farm to get more details about what the change of policy means for residents.
'All eyes are on insurance companies right now, including mine,' Lara said in a statement Wednesday in response to State Farm's decision.
'We are going to keep working to make sure everyone's claims are paid fairly, quickly, and completely.'
A day later, State Farm spokesperson Bob Devereux said: 'This decision reflects our commitment to supporting our customers and goes beyond the department of insurance's request.'
Policyholders in the fire zones would get an offer for a one-year renewal, the company said.
Those with total losses, meanwhile, would get renewals for two years, as is required by law.
State Farm said in March that it would stop offering insurance to 72,000 homes across California, blaming the risk of natural disasters and the impact of inflation.
The Department of Insurance said that among the policies that the company had targeted for nonrenewal, more than 7,600 were in the Palisades fire zone.
State Farm - the leading home insurer in California - said around two-thirds of the policies it had planned to cancel were still active when the fires began.
(Excerpt) Read more at dailymail.co.uk ...
Also they may show a slight $50,000 month increase in premiums but the good news is that they are insured.
I see an insurance company desperate to have a good public image. Especially after all the hatred that has surfaced for insurance companies.... Ever since Luigi shot and killed that insurance executive in Manhattan.
Despite its customers nationwide are going to have to shell out more?
Blame the insurance companies and not the psychopaths who set the stage for burning the place to the ground! That's the ticket!
I see an insurance company strong armed by California insurance policies and laws that leave them no choice but to comply.
I don’t see how any insurance company can continue to operate in a place like California. If they don’t do something to adjust to the risk, they’ll wind up unable to offer insurance to anyone.
Have you noticed there are lots of Mangione supporters here at FR?
Yep. Sick.
I have State Farm insurance,but I live in very rural Hawaii.
I’m not too worried about home loss, but Liability, if someone gets hurt.
I grew up in CA subdivisions and instinctively knew they were dangerously close to one another.
That is why I have acreage and my nearest neighbor is 200 feet away.
I’d rather spend time and money on Fuel and vehicles to commute than have someone living within 50 feet of me.
In a fire zone.
Yes I’ve noticed. It’s really disheartening that some people on Free Republic are happy that insurance guy got shot.
What’s conservative about such a viewpoint? This is a conservative site. Not all conservatives agree on everything, however, can’t we all agree that shooting someone because of problems in the insurance business is not a conservative value?
“However, the offer does not apply to policies that had already lapsed when the deadly fires started on January 7.”
Well if you life in an area prone to wildfires you really shouldn’t let your home and auto insurance lapse.
There is no risk in insuring property in Pacific Palisades now.
The rubble can’t burn any more.
I have State Farm in a wildfire area in SoCal (Acton) they haven’t cancelled and it’s $2000 a year
I agree 100%. However I will no longer just reflexively support cooperate America . They have proven to be all to egger to embrace DEI and other flavors of the liberal month.
If they want my support they will have to earn it back and they are currently running at a substantial deficit.
It’s a Bonnie and Clyde syndrome. Where “normal” people root for killers.
Most of that is to cover Mahomes rather than the fire.
“Those with total losses, meanwhile, would get renewals for two years, as is required by law.”
“Please, State Farm, would you renew the insurance on my smoldering pile of charcoal and ashes?”
I had home owners insurance with State Farm for over twenty years. I tried to file a small claim that was only about $2,000 more than the deductible for some water damage caused by a leak in my roof. Apparently a leaky roof wasn’t covered in my policy so I dropped State Farm and will never go back.
Many Freepers have no problems with the MIC dropping bombs killing thousands of innocents. However, when a sleazy, thieving, health insurance executive who made his name is denying valid claims and killing Americans gets shot and your panties go in a wad.
My eyes are dry. Health insurance companies wanted Obamacare and now that they have Obamacare and are ripping off every American they whine that they are getting shot. Pathetic.
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