2025-01-09 01:50:44
It is not illegal for insurance companies to raise home insurance rates in California. California approves insurance rate increases and has been steadily increasing the rates as severe weather events have increased. [Link][Link] NEEDS_MORE_RATINGS(5-1-22) Author
2025-01-09 02:06:10
NNN - The post is factually correct and does not suggest cancelling policies are illegal, but insinuates it's immoral. NEEDS_MORE_RATINGS(6-0-3) Author
2025-01-09 02:06:16
Post stands as is. It is illegal for an insurance company to raise rates without approval from the state. NEEDS_MORE_RATINGS(13-0-1) Author
2025-01-09 02:46:04
CA's insurers have historically been prohibited to use cat models in ratemaking, effectively prohibiting pricing in the cost of wildfires or any catastrophes. Post stands in no need of note. Recently, some insurers have attempted to have cat models as part of their pricing. [Link] NEEDS_MORE_RATINGS(11-0-0) Author
2025-01-09 02:49:10
From Newsweek (9/19/24), “Only a few months after it announced it wouldn't renew coverage for 72,000 policyholders in the state, State Farm asked the California agency for permission to increase its homeowners rate by 30% in July. It received approval for a 20% increase.” [Link] NEEDS_MORE_RATINGS(4-0-12) Author
2025-01-09 03:39:08
It's not illegal to increase homeowners insurance rates in CA. Until late 2024 CA didn't approve rate filings including cost of reinsurance, despite all other states allowing them to be recovered and the Actuarial Standards Board allowing inclusion of reinsurance costs. [Link][Link] NEEDS_MORE_RATINGS(6-1-13) Author
2025-01-09 07:32:23
NNN. If the company risks being prosecuted by the government if it raises prices, then it is splitting hairs to say it's "still legal". NEEDS_MORE_RATINGS(9-0-2) Author