Sources told this publication that the mutual is facing a loss totalling around $7.91bn from the fires, and it is understood that State Farm benefits from around $2.5bn-$4bn of reinsurance cover specifically for Californian risks above an attachment point of $1.5bn.
As of Friday, State Farm said they received over 9,800 home and auto claims. The insurer said they have called or contacted 95% of people who filed claims and paid out $300 million so far. A spokesperson in California recalled the devastation she’s already seen.
The iconic actor who plays “Jake from State Farm” has been attacked online after the insurance agency canceled policies just before the California wildfires. The Daily Mail reports that the actor has been targeted after State Farm cancelled fire insurance policies just months before the deadly fires.
Insurance giant State Farm has canceled a Super Bowl ad that was set to air during the big game in February — in part, it said, over the raging wildfires in California. “Our focus is firmly on ...
Following its announcement that it would pause non-renewals for policyholders to ensure coverage for Los Angeles County residents impacted by wildfires, State Farm on Thursday, Jan. 16, reported receiving 7,850 home and auto claims with numbers expected to rise as damages are assessed.
State Farm is giving some California homeowners an option to renew coverage that previously had been cancelled.
About 1,600 policies in Pacific Palisades were dropped by State Farm in July, California Department of Insurance spokesman Michael Soller said in an Thursday email to CBS MoneyWatch. An analysis ...
The Golden State is counting on 25 gigawatts, or about 13% of its electricity, from offshore projects by 2045.
What made the wildfires devastating was their path through the Palisades, where home values hover around $3.4 million and aging structures were tightly packed in a recognized high-risk fire zone.
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As climate change complicates growing the region’s historically emblematic crops, like olives and lemons, Amata is seeing more farmers follow the same path. They are all “already starting to change from lemons to mangoes,” he said.