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Home > Property Insurance Coverage > Home Owners Insurance > 21st Century Insurance
21st Century Insurance
21st Century Insurance Group's success story begins with its founder Louis W. Foster. After 20 years as an independent agent in the insurance business, Mr. Foster founded the original company in 1958 in Los Angeles as an inter-insurance exchange. An inter-insurance exchange is similar to a cooperative where policyholders work together to finance and insure the losses of the other policyholders.
The one employee office grew rapidly and in 1966 the company moved to Century City to accommodate its expanding staff and volume of policies. The company celebrated a major milestone at the same time, achieving 1 million dollars in premiums in a single year.
In 1968 the decision was made to convert the inter insurance exchange to a capital stock company for two reasons. First, the federal government had minimized the tax advantages for the exchange. Second, the California Department of Insurance raised the capital and surplus requirements of reciprocals to 1 million dollars. The decision was considered one of the most unique in the annals of business in California.
As an insurance company, safety is their primary concern. Last year, 21st launched a groundbreaking partnership with the California Highway Patrol to promote child seat safety. Together, 21st and CHP have prepared a free guide for how to correctly install a child safety seat and conducted community events in underserved areas throughout California where families received inspections and free replacement of outdated, broken or inappropriate car seats.
In 1996, 21st Century took a leading role as the founding sponsor to create the Los Angeles Police Academy Magnet School Program. This innovative collaboration between 21st Century, the Los Angeles Unified School District and the LAPD is designed to inspire high school students to pursue careers in law enforcement and to serve as exemplary citizens in their community. To date, they have contributed over 500,000 dollars to this program.
Additional Equipment Coverage may be purchased to extend your Comprehensive and/or collision coverage for certain equipment that is not the vehicle manufacturer's standard equipment or installed by a factory authorized dealer at the time of purchase. This may include audio or video equipment, tires and wheels, painted or finished surfaces and engine, transmission or suspension parts.
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