The firm, State Farm General, asked the state's Department of Insurance Thursday to let them raise residential insurance rates for millions of citizens, or see them move out. The move indicates financial trouble for the insurance giant, which currently covers homes razed by wildfires. State Farm disclosed it is seeking a 30 percent rate hike for homeowners, a 36 percent increase for condo owners, and a 52 percent increase for renters as a result - a move that would only worsen the state's already present housing crisis. 'This has the potential to affect millions of California consumers and the integrity of our residential property insurance market,' insurance commissioner Ricardo Lara said in a statement - as the filings make their way through the proper channels.
America's fastest-growing retirement hotspots - and none are in Florida
Retired Darius McLintock is clear why life is fantastic in Mesa: Crime is low, hospitals excellent, housing is cheap and it hardly ever rains. The city in Arizona last year was the top destination for seniors. McLintock also pointed out the city's low unemployment rate, the varied natural beauty of the nearby mountains and desert as well as the lack of extreme weather events such as tornados.
Your Money
- EXCLUSIVEInside the MOHELA meltdown: Student loans provider responsible for servicing 8 MILLION accounts under fire
- Nine little-known retirement hotspots revealed - where crime is low and properties are cheap
- Why the 2020s could be the best decade ever for America's housing market
- Finance expert reveals why you should stick to the one-tenth rule when buying a car
- US faces negative equity timebomb: Percentage of mortgages considered 'seriously underwater' rises - here are the states worst affected
- 'Father of the 401(K)' reveals the biggest downside of his creation
- Hidden stock market clues that can predict election results - as experts reveal who they think will win in 2024
- The zombie office timebomb: Commercial real estate foreclosures jumped 117% in March - as experts warn it could trigger the next banking crisis
- Can you really get cheaper flights using your browser's 'incognito' mode or clearing your cookies?
- America's best (and worst) states for job hunters REVEALED - and why you may be better off seeking work in Nevada than Mississippi
- Why YOUR airport selfie is a gift to scammers Cybersecurity expert warns excited vacationers not to upload photos to their boarding pass to social media
RETIREMENT & TAXES
EXCLUSIVESister reveals how her brother's ex-girlfriend is getting his $250,000 life insurance payout - in heartbreaking cautionary tale which should serve as a warning to ALL Americans
On Thanksgiving last year, Dawn Williams had a casual conversation with her brother Dave about the state of his estate planning. She had been working on creating a trust last year and wanted to see what stage he was at. The siblings, both in their early fifties, were the only remaining members of their family as both their parents had passed away. Dave reassured his sister that he would pass everything onto her, and would work on changing the primary beneficiary listed on his $250,000 life insurance policy, which was still listed as his ex-girlfriend. But on December 31, Dave passed away in his sleep after a brief illness, before he had changed the policy.
PROPERTY & MORTGAGES
The cities where home prices are falling the most - with a beach paradise and Texas hotspot among the surprises
Home prices are finally starting to steady following pandemic boom, and have already begun falling many cities across the country. Indeed, twenty of the US's fifty largest cities have seen annual price declines since last year, according to a new report by Realtor.com. The news will be welcome to cash-strapped first time buyers and others looking for a cheaper change of scene.
Why you should avoid buying property in these states over the next five years, according to real estate agents
Experts have revealed the states where Americans should avoid buying property in the next five years. While some states may have beautiful scenery, vibrant cities or a strong job market, other factors may make them an unwise destination for prospective homebuyers. Escalating insurance costs could be a problem in some states, while buying a home in others may simply be unaffordable for most Americans. Whether you are saving to buy a house or waiting for mortgage rates to fall, researching the market now can help you decide where to invest in the future.
BANKING, SAVINGS & CREDIT CARDS
One presidential candidate ran up twice as much national debt as the other - as US faces spiraling 'debt bomb'
The winner of November's presidential election faces a grim fiscal outlook, with the national debt on course to reach a record share of the economy under the next administration. The debt passed over the $34 trillion mark at the beginning of this year, and is poised to top $56 trillion by 2034, according to projections earlier this month.
BUDGETING: HOW TO SPEND IT & HOW TO SAVE IT
REVEALED: The most expensive cities for burger, fries and soda - and NYC and LA aren't in the top five
Fast food has soared in price in the last few years across the US, but new analysis has revealed the most expensive city to buy a burger, French fries and a soda. MoneyGeek analyzed prices for a burger, fries and soda across 189 major and local chains in 50 of the largest cities in America. Across the country, stubborn inflation has meant that prices have risen 24 percent on average between 2022 and 2024, with the meal topping $15 in 19 of the largest cities.
Walgreens will close 'significant' number of 8,700 US stores - fears as many as a quarter could shut
CARS & ELECTRIC VEHICLES
Secondhand EVs now cost less than used gas cars
Secondhand electric cars are now cheaper than their gas counterparts for the first time - and the gap is widening quickly. This is according to a new study from comparison site iSeeCars, which found the cost of an average used EV dropped $265 below a typical gas car in February. This marked the beginning of the trend - and the price gap has grown to $2,657 as of latest data from May. In the last year, average used car values have dropped between 3 and 7 percent, the report found, while used EV values have dropped between 29 and 39 percent. While this price drop may be good news for Americans looking for a cheaper switch to an EV, the price crash is yet another indication of dwindling demand for the cars in the US.
TRAVEL
Major American airline makes HUGE U-turn on its air miles program - and it could force rivals to act in a win for travelers
American Airlines has backtracked on a controversial decision which would have made it more difficult for customers to collect miles and loyalty points. Earlier this year, the airline said it would start limiting which tickets purchased through a third parties - such as travel agents or online booking sites - were eligible to earn AAdvantage miles and loyalty points. It would have been the first carrier to make the move, pushing customers to buy tickets directly from its website. But in good news for travelers, the company has dropped the idea, which was due to come into force on July 11.