The "Farmers Insurance News-Alert" website is dedicated to providing the consumer and general public with detailed information concerning the Farmers Insurance Group. This includes fraud reports, consumer complaints, lawsuit's and other legal actions taken against this company. All information contained herein is for educational purposes only. Original sources, when known are sited.
|Friday, August 12, 1994
Garamendi Calls Farmers Plan to Raise
Quake Deductibles Illegal;
By: From Times Wire Services
The company had previously suspended the sale of new residential quake policies.
It said the moves were intended to protect Farmers' financial strength and its ability to grow.
The company estimated that since 1973, it had collected
$449 million in earthquake premiums but paid losses of $1.24 billion. It also said it had
identified nine fault lines within California that had loss
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