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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.
California’s Fair Plan, the state’s insurer of last resort, may be unable to pay billions in claims arising from the Los Angeles fires and may require a bailout that could ultimately be paid by homeowners statewide.
State Farm, California’s largest home insurer, said Thursday it will offer renewals to all of its 250,000 L.A. County residential policyholders slated to have been dropped, not just those in fire ravaged neighborhoods
Weiss Ratings issued a report alleging that Farmers Insurance and other California insurers reject nearly half of claims from state homeowners. Insurers have disputed the findings.
Before the devastating fires burned across Los Angeles, many homeowners learned they were losing their insurance policies. Some faced big increases in premiums that they couldn’t afford.
Insurance Commissioner Ricardo Lara has issued a one-year moratorium on home policy non-renewals and cancellations in the Pacific Palisades and the San Gabriel Valley’s Eaton fire zones.
The massive fires that have destroyed much of Pacific Palisades and demolished thousands of homes and structures in Los Angeles County threaten an effort to fix California’s troubled home insurance market.
Experian was sued by the Consumer Financial Protection Bureau, which accused the Costa Mesa-based credit bureau of failing to properly probe consumer disputes.
The California regulation will allow insurers to charge homeowners higher premiums to protect themselves from catastrophic wildfires.
