Los Angeles fire survivor is told State Farm’s $900K check on hold due to insufficient funds
Los Angeles fire survivor is told State Farm’s $900K check on hold due to insufficient funds
A check from State Farm to a Los Angeles fire survivor has taken more than a week to clear so far. A bank is concerned about insufficient funds.
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That's pretty alarming when a major insurance company is out of cash...
Insurance distorts housing markets, allows builders to take unreasonable risks, etc.
I strongly suspect that this is some kind of internal fuckup, not State Farm being insolvent.
I thought that the company that had the fire insurance in Cali wasn't State Farm proper. It is a spin off specifically for home insurance there. I could also be wildly wrong.
I'm sure the national state farm corporation spun off shell companies to reduce liability in these high risk areas.