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The devastation caused by the twin blazes has raised fresh questions about whether the state — and its top insurance regulator, Ricardo Lara — have done enough to protect homeowners.
Insurance Commissioner Ricardo Lara on Friday rejected State Farm General’s request for an emergency 22% home insurance rate hike due to the Los Angeles fires unless the insurer can provide more evidence it is warranted.
FAIR Plan to assess insurers $1 billion for L.A. fires; consumers may be on the hook for nearly half
The California FAIR Plan, the insurer of last resort, received approval to assess member carriers $1 billion to help pay its L.A. fire losses -- with consumers possibly on the hook for nearly half.
Allstate Corp. said it expects about $1.1 billion in losses from the wildfires that destroyed Los Angeles County communities in January.
State Farm General asked Monday for an emergency rate increase averaging 22%, saying the Los Angeles County fires have put California’s largest insurer in dire financial straits.
Victor Joseph, president of Mercury Insurance, says there are lessons to be learned for L.A. from the rebuilding of Paradise following its destruction in the 2018 Camp fire.
Chubb expects that its losses from the L.A. County fires will total $1.5 billion, making the Swiss company the first major insurer to release such a figure.
A.B. 238, which would make it easy for victims of the Los Angeles County wildfires to get mortgage relief, will proceed despite voluntary agreements Gov. Newsom reached with hundreds of lenders.
Some policyholders who suffered total losses in L.A. fires are not getting claims advances for their living expenses and loss of contents as required, Insurance Commissioner Ricardo Lara alleged Thursday.
Gov. Gavin Newsom announced that 270 state-chartered banks, credit unions, and others will provide mortgage relief for property owners affected by the Los Angeles wildfires.
