The company will offer coverage “in nearly every corner” of California if catastrophe modeling is enacted.
Dale Burton, of Leona Valley, tries to put out the fire that continues to smolder at his friend Cheryl Poindexter’s property on Juniper Hills Road on Monday, September 21, 2020 after the Bobcat fire burned her home of 27 years. “If the regulations were in effect today, we would begin selling new homeowner insurance policies tomorrow,” said Gerald Zimmerman, senior vice president of government relations for Allstate, in a public hearing on April 23.
More than half of the major property insurers in California have cut back on business in the state in recent years in response to the increasing severity of wildfires, as well as state regulations that limit the cost of policies. Allstate confirmed in a statement to Bloomberg News that it seeks to increase its market share in California, but rates must “fully reflect the cost of providing insurance to consumers” before agreeing to lift its current restrictions. The new rules will allow for rate increases that the company says will ensure they can pay customers’ claims in the event of a fire, according to the statement.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Allstate will insure California homes again, under one conditionAllstate Corp. will end its years-long pause on underwriting in California as soon as the state regulator adopts proposed regulatory changes to make it easier for insurers to raise rates.
Read more »
San Francisco, California job with University of California, San FrancsicoThe Dubal Laboratory of Neuroscience and Aging at the University of California, San Francisco (UCSF) seeks postdoctoral fellows to investigate the longevity factor klotho and mechanisms of cognitive enhancement and neural resilience against aging and diseases like Alzheimer’s disease, Parkinson disease and other dementias – using synergistic...
Read more »
Southern California Edison could increase electricity fees for some California residentsAn extra $24 could be added to SoCal Edison customers' bills this summer. Here's why.
Read more »
Nearly half of California high school graduates don’t qualify to apply to a California universityPublic high schools in California offer mixed results in prepping kids for the next level. Some say it’s unfair. Others say college isn’t for everyone.
Read more »
Study Finds Pesticide Used in California Homes is a Potent Greenhouse GasA recent study has revealed that sulfuryl fluoride, a pesticide commonly used in California homes, is a significant contributor to greenhouse gas emissions. The majority of these emissions come from Southern California, particularly Los Angeles, Orange, and San Diego counties. This finding emphasizes the need for stricter regulations and alternative pest control methods to mitigate the impact of sulfuryl fluoride on climate change.
Read more »
California requires new homes to have solar panels. Should wildfire victims get a break?Joe Patterson Assembly bill would exempt low incomefire victim homes from California solar panel requirements.
Read more »