Tag: Proposition 103
Insurance Commissioner Lara To Question State Farm on 22% Rate Increase Justification
In a statement Friday, Insurance Commissioner Ricardo Lara announced that he will be meeting with State Farm Insurance later this month over their proposed 22% emergency rate hike on rental homes, non-rental homes, rental units, and condos, asking them to justify...
Asm. DeMaio to Introduce CA Insurance Reform and Rate Stabilization Initiative
The Globe has written many articles about California’s insurance crisis, and has published op-eds from insurance experts explaining how the state got into this mess, and what needs to be done. In June, former State Senator Ted Gaines reported on...
Systemic Mismanagement in California’s Insurance Sector
Insurance is the foundation of a robust financial strategy and is vital to securing a prosperous future for California. However, recent events, notably the wildfires in Los Angeles, have exposed severe systemic issues plaguing our state’s insurance industry. These issues...
California Insurance Crisis: Homeowners Getting Insured Right Out of Their Homes
In the late 1970’s Californians were being taxed out of their homes. Grandmas could not pay the escalating property tax bills on long-held family homes, and defaulted or were forced to sell. Thus, Proposition 13 was passed by voters and...
Golden State Insurance Crisis: Californians Getting Insured Right Out of Their Homes
California is in the throes of a self-imposed insurance crisis. And the state doesn’t seem to be addressing this crisis with any sense of urgency. The Globe recently spoke with a couple who shared that the condominium complex in which...
Weak Leadership is Failing California’s Insurance Market
They say weak leaders make hard times. Under the leadership of Ricardo Lara, the California Department of Insurance is cracking under pressure. The California insurance market is at a breaking point, and Lara is missing in action. As reported by...