Live Insurance News

Flood insurance costs continue to rise in Connecticut

May 20, 2014May 19, 2014 Marc

Homeowners are facing the real possibility of having to pay more for their flood protection Some homeowners in Connecticut are facing the possibility of having to pay significantly more for their flood protection as the Federal Emergency Management Agency continues to revise its flood maps. These flood maps are used to determine the flood risks of particular parts of the country. The maps are also used to price flood insurance protection, which is typically acquired through the National Flood Insurance Program. FEMA has been revising its flood maps recently in…

FEMA repeals provisions of controversial flood insurance law

May 16, 2014May 16, 2014 Marc

Problematic provision has been rescinded by FEMA The U.S. Federal Emergency Management Agency has rescinded a provision of the 2012 Biggert Waters Act as ordered by the Homeowner Flood Insurance Affordability Act. The provision had made it impossible for new homeowners to take on any existing flood insurance of properties. Now that the provision has been repealed, policy rate tables have been reverted to what they had been before the 2012 Biggert Waters Act. Rate tables are expected to remain in this state as Congress works to address emerging issues…

Agents may be responsible for success of state’s health insurance exchange

May 15, 2014May 14, 2014 Marc

Insurance exchange reaches enrollment goals with the help of agents California officials have been boasting about the state’s insurance exchange achieving its enrollment goals, but insurance agents, rather than the exchange itself, may be the reason behind the high rate of enrollments. Covered California has been working to market its insurance services to consumers throughout the state for several months. The exchange encountered modest technical difficulties that had made the enrollment process problematic for many people, but these issues were overcome fairly quickly. Despite other problems, the exchange was able…

Insurance CEOs are getting paid more in wake of health care reform

May 9, 2014May 6, 2014 Marc

Insurance executives may be the ones benefiting most from the Affordable Care Act Chief executive officers from some of the largest health insurance companies in the U.S. have seen their pay skyrocket recently. The steep increase in pay CEOs have been seeing is, somewhat ironically, due to the Affordable Care Act. This is ironic because the insurance companies benefiting from this trend have actually been quite outspoken with their opposition of the federal health care reform law. This issue may go a long way in highlighting just how important political…

Homeowners insurance rates in Kansas are on the rise

May 7, 2014May 5, 2014 Marc

Insurance is growing more costly due to natural disasters in the past Kansas homeowners insurance rates are on the rise and it may be because of storms in the past. In 2011, the state suffered the most financial damaging storm season it has ever seen. An outbreak of tornadoes and hundreds of hailstorms punished Kansas, causing an estimated $1.1 billion in insured losses. The majority of these losses came from damage to homes and properties and 2011 accounted for the costliest financial blow that the state’s insurance sector had ever…