Live Insurance News

Allstate 2022 auto insurance rate filings brings about changes to Georgia law

May 15, 2023May 13, 2023 Marc

The filing rules in the state will be changing under a new law driven forward by the insurer last year. Georgia Governor Brian Kemp recently signed a bill into law, providing the insurance commissioner in the state with the authority to review all auto insurance rate filings before they can become effective. The new law will become effective July 1, 2023, and preserves existing authority while making additions. Georgia House Bill 221 goes into effect July 1, 2023. It will maintain the approval powers the commissioner already held over mandatory…

Congress considers 17 changes to flood insurance program

May 8, 2023May 5, 2023 Marc

Flood insurance - Home Floating in Water - Changes

The proposed changes are expected to reduce the cost of coverage to low-income homeowners. Low-income homeowners stand to pay less for coverage under the National Flood Insurance Program (NFIP) if the Federal Emergency Management Administration’s (FEMA) proposed 17 changes are implemented. NFIP has been struggling with its finances amid more frequent and severe storms due to climate change. FEMA is seeking to create a more thinly spread risk by drawing more property owners to purchase flood insurance policies. The agency’s goal is to implement a number of changes in federal…

NY bill would require health insurance coverage for cancer biomarker testing

May 1, 2023April 28, 2023 Marc

Health insurance - Cancer biomarker test

Lawmakers and cancer survivors came together in support of the New York legislation. Last week, New York lawmakers and cancer survivors gathered by the hundreds in Albany in support of legislation that would require health insurance companies to cover patient testing for cancer biomarkers. Insurers, however, have expressed their opposition to the bill for this new coverage requirement. Cancer Action Day at the New York state Capitol was focused on the mandate which would apply to Medicaid all health insurance policies providing major medical coverage. They would all be required…

Tornado insurance claims from Mississippi approaching $100 million

April 24, 2023April 22, 2023 Marc

The twister in March left a lengthy path of destruction through several parts of the state. The tornado insurance losses from the twister that ripped through parts of Mississippi in March are rapidly climbing, to the point that they are now nearing $100 million. Uninsured losses from the damage are expected to be even greater than those that are covered. The Mississippi Delta experienced particular damage from the storm, and it is among the poorest regions of the United States. As a result, tornado insurance coverage in the area hardest…

Washington state introduces new rules for pet insurance providers

April 17, 2023April 13, 2023 Marc

A new law will require that insurers adhere to stricter regulations when covering animals. Washington state has passed a new law that will require that pet insurance providers to comply with stricter rules. These new rules will include establishing a new standard to define precisely what a pre-existing condition is if an insurer intends to use it to deny a claim. Vagueness in definitions of terms such as pre-existing conditions will need to be clarified. Washington Governor Jay Inslee recently signed the coverage clarity bill into law, explaining that this…

As home values fall, homeowners’ insurance rates will keep rising in 2023

April 10, 2023April 7, 2023 Marc

Homeowners’ insurance rates - Low home value

A new Insurify report has predicted falling values, rising premiums and upside-down mortgages. As home market volatility continues to stomp its way through this year, homeowners’ insurance rates will be rising even as the home values themselves drop, said a recent Insurify report called the 2023 Insuring the American Homeowner report. The price paid for individual policies is continuing to climb and policyholders should expect to pay more. “The cost of individual policies is rising. Homeowners may notice an increase of hundreds of dollars for one year to the next,”…

It’s that sewer backup insurance time of year again

March 27, 2023March 24, 2023 Marc

Springtime is a big reminder of why this type of additional coverage can be very worthwhile. Springtime comes with melting snow and heavy downpours while the ground is already saturated with moisture, reminding many people of the importance of sewer backup insurance for their homes and businesses. This is a common time of year for people to find that there is water on the lower level of their homes. Basements are at a particularly high risk but in some areas, where the water levels are high enough, the ground floor…