Live Insurance News

Florida’s top earners pay hundreds of thousands in homeowners insurance premiums

October 13, 2023October 12, 2023 Julie Campbell

Homeowners insurance - Raining Money - Umbrella

Some billionaires in the state are paying as much as $622,000 per year for property coverage. Florida’s mega rich may own massive properties and huge mansions, but this doesn’t mean that they are able to escape the skyrocketing homeowners insurance premiums the state has been facing. In fact, billionaires in the state are paying hundreds of thousands of dollars for their coverage. According to a recent Bloomberg report, owners of some of the largest mansions and properties in the state are paying massive homeowners insurance premiums every year. The report…

Insurance companies face probe into fossil fuel industry funding behaviors

June 19, 2023June 17, 2023 Julie Campbell

Insurance Companies - Fossil Fuel Investments

US lawmakers are investigating a possible contradiction in investments made by insurers. Insurance companies have been whittling down the coverage they provide in states facing extreme climate risks because the risks in those locations are considered to be too costly for their businesses to survive. However, lawmakers say several insurers are making these claims despite continuing to invest in fossil fuels. US lawmakers have therefore launched an investigation into seven large US insurance companies for pointing to climate change as a reason for reducing coverage in certain states, while continuing…

Nature Conservancy adds $2 million insurance coverage for Hawaii’s coral reefs

June 14, 2023June 14, 2023 Julie Campbell

Insurance coverage - Coral Reefs in Hawaii

The Central Pacific hurricane season is already underway, and the state is preparing for damage. The Central Pacific hurricane season has started, and this year, the Nature Conservancy has purchased $2 million in insurance coverage to protect against potential damage to the coral reefs in Hawaii. This represents the first time the Nature Conservancy has purchased this type of policy. This insurance coverage is the first of its kind in the United States, in an important move that acknowledges the impact of climate change on increasingly common and destructive hurricanes…

Climate change is sending California into an insurance crisis

June 9, 2023June 8, 2023 Julie Campbell

Climate change - Crisis Ahead California Flag

Increasingly frequent and damaging wildfires are making coverage extremely expensive, when it’s available. Climate change has been blamed for the worsening wildfires that have plagued California over the last few years, and this problem has been affecting the insurance industry to an increasing degree, as coverage becomes more difficult to obtain, and challenging to afford when it is available. Major insurers State Farm and Allstate have stopped selling new home and business policies in California. As is the case with natural disasters in other parts of the country, such as…

Allstate is no longer selling new California home insurance policies

June 7, 2023June 7, 2023 Julie Campbell

California home insurance - homeowners insurance policy - X

Immediately after State Farm’s exit from selling in the market, its top competitor has done the same. Allstate has announced that it is no longer selling new California home insurance policies, removing it from the pool of available coverage for homeowners following State Farm’s exit from sales only days before. That said, despite the fact that the announcement was only just made, the insurer’s statement said it stopped accepting new policies as of last year. This means that two of the largest insurers in the country are no longer selling…