Insurance Rate Hikes Likely Coming Your Way

Vicious Cycle: Saturday's Atlanta Journal-Constitution reported that four of the top insurers in the state of Georgia have requested rate hikes for the coming year, affecting nearly 40% of the state's consumers. State Farm, First Liberty, Cotton States, and Nationwide have filed increases that fall between 5 and 11 percent, modest by insurance company standards but huge for the rest of the financial world. Rates are also on the rise in Illinois, Texas, and Florida among others.

Even with such increases, Georgia Insurance Commissioner John Oxendine said consumers are doing better than those in neighboring states, where he said premiums have been rising at double-digit rates. “We are by far the cheapest in the Southeast,” he said.

That makes you folks in Georgia feel A LOT better, doesn't it?

Allstate On The Mend: The Wall Street Journal says Allstate has learned some tough lessons over the past year and is ready to bounce back. When the WSJ has something good to say about a publicly traded insurance carrier, that generally means that the company's shareholders should be excited and the company's clients should be afraid. We'll see how this one turns out in the next year.

California Fire Season Starting Soon: Insurance and fire officials are warning California residents that it's that time of year again according to the Los Angeles Daily News.

[California Insurance Commissioner Steve] Poizner urged Californians to secure adequate fire insurance, record home inventory by film or video, have a preparation kit and draft a family action plan in the event of a fire. "Don't get burned twice: Update your assets with your insurance company," Poizner said.

I couldn't have said it better myself.

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