Here's an article about the state's fight to reduce insurance rates ...State Farm, USAA agree to reduce rates -- Allstate files for increaseWednesday, September 06, 2006Inman NewsCalifornia Insurance Commissioner John Garamendi today announced that State Farm Insurance has requested a 10.6 percent reduction in homeowners' insurance rates.The Department of Insurance in June ordered four major insurers to justify their rates after a study alleged they had been paying far less to resolve claims than they collected in premiums.USAA filed for a 22 percent reduction in August, while Allstate is seeking a 12.2 percent increase. Garamendi said State Farm's move would save about 1.2 million homeowners an average of $103 a year.The California Department of Insurance is also seeking to reduce title insurance rates, proposing a 23 percent rollback in March that would save consumers $1 billion a year. Title insurers say the state lacks the authority to cap rates unless there is a lack of competition in the industry.Labels: Corona, Foreclosure, Home Prices, Inland Empire, Loan Modification, Moreno Valley, Murrieta, Real Estate, Riverside, Short Sales, Statistics, Temecula
