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Insurance Commissioner Ricardo Lara adopted an administrative law judge’s recommendation Tuesday and granted State Farm General, the state’s largest home insurer, a 17% emergency hike in its homeowners insurance rates.
Insurers are seeking to charge California homeowners across the state for the costs of the catastrophic Los Angeles County fires they were burdened with when the state’s insurer of last resort needed a bailout.
A couple whose home was damaged in the Palisades fire filed a lawsuit Monday against the California FAIR Plan, the state’s home insurer of last resort, seeking to force the insurer to turn over claims documents.
After fielding complaints at a community meeting about how State Farm is handling Los Angeles wildfire claims, California Insurance Commissioner Ricardo Lara said an inquiry was not ‘off the table.’
Treasury Secretary Scott Bissent kicked off the Milken Institute Global Conference at the Beverly Hilton on Monday by saying Trump’s tariffs will lead to a resurgent economy.
On the day Trump took office, Elon Musk, Tesla and his other companies faced at least $2.37 billion in potential penalties from federal agencies, according to a Democratic congressional report.
The Port of Los Angeles could see a 35% drop in imports in just two weeks following a surge in goods to beat the tariffs.
As insurers withdrew from the L.A. market, more homeowners joined the FAIR Plan. Now Jan. 7 fire victims are battling with the state’s insurer of last resort to get compensated.
Consumer Watchdog sues Insurance Commissioner Ricardo Lara, alleging that rules he issued last year that will allow the California Fair Plan to charge policyholders for losses from the Jan. 7 fires violate state law.
Ten victims of the Palisades and Eaton fires sued the Fair Plan, accusing California’s insurer of last resort of mishandling smoke damage claims.
