4 Insurance Policies Everyone Should Have But Go Without

Insurance policies

The only sure thing in life is that it can be unpredictable. Accidents or illness can strike at any time. Guarding your home and future should be a necessity in any household budget. Although many people don’t think that insurance is necessary, when the unthinkable happens it is good to be protected. Even the most unlikely scenarios like being a victim of a home invasion can happen to anyone at any time. If you are injured and can no longer work it can be devastating financially, emotionally and physically. Having…

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Nationwide small commercial insurance satisfaction highest in US, says JD Power

Commercial Insurance - Customer Satisfaction

The insurer earned the highest ranking for overall customer satisfaction in a recent study. A new J.D. Power study has found that Nationwide provides the best customer satisfaction in small commercial insurance. This, according to the findings from the firm’s 2019 U.S. Small Commercial Insurance Satisfaction Study. This isn’t Nationwide’s first time receiving the title. In fact, the insurer has been the top small commercial insurance company for customer satisfaction two years in a row. The company also took the top spot for the claims and policy offerings categories. “Small…

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Californian earthquake insurance rates just skyrocketed for some residents

Californian earthquake insurance rates - earthquake damage

One report pointed to a policy premium hike as high as 150 percent. Californian earthquake insurance rates have risen for about 25 percent of policyholders with a certain specific policy in the state over the summer, according to an article published by NBC Bay Area. This policy was sold in areas recently affected by tremors, such as the 7.1 magnitude quake that struck Trona and Ridgecrest on July 5th. That said, the changes were made ahead of those quakes, meaning that if those earthquakes impact premiums it will not occur…

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Allstate insurance agents push back against insurer call center plans

Allstate insurance agents - Call Center

The insurer’s sales force views this move as an expensive burden despite promised benefits. Allstate insurance agents have been expressing their discontent with the insurer’s decision to create customer call centers. The agents say it is an expensive burden but the insurer calls it an improvement in efficiency. Tom Wilson, Allstate CEO, explained that the insurance company is currently shifting service tasks from its agents into a centralized system. This is “because we can do it cheaper, better, faster.” This level of discontent among Allstate insurance agents is a rare…

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NFL reaches concussion settlement with its insurance company

concussion settlement - NFL players - Football

Many of the league’s insurers have been battling the requirement to pay players with such injuries. The N.F.L. has reached a concussion settlement following a lengthy battle regarding payments to players who have been injured. Insurers have been resisting payments to concussed players because they say the league had not adequately disclosed the game’s dangers to its players. The battle over the concussion insurance payments has stretched out for seven years. The concussion settlement brings this fight to an end. Insurance companies had been refusing to pay their portion of…

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Home sharing participants need short term rental insurance coverage

Short Term Rental Insurance - Airbnb

Airbnb, VBRO and HomeAway members need special coverage for brief or seasonal rentals. Home sharing has become a popular way to earn extra income from a property, but all too many of those owners fail to obtain short term rental insurance. Regardless of whether a condo, seasonal property or home is rented in its entirety or just a portion, these guests are not typically covered by standard homeowners insurance. That said, this doesn’t mean that there isn’t any coverage at all for these helpful income sources. There are many home…

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Insured Hurricane Dorian damage could bring $25 billion in losses to the industry

Hurricane Dorian Damage - Damage from Hurricane

UBS research shows that insurers may face tens of billions in losses because of the intense storm. Hurricane Dorian damage may cost over $25 billion in claims payouts from insurance companies, according to international financial services firm U.B.S. Damage to the Bahamas, the US coast and Canada was widespread and substantial. The bank had initially predicted that there would be between $5 and $40 billion in damage caused by the storm. More recently, U.B.S. narrowed its forecast to $15 billion as more specific Hurricane Dorian damage data became available. Now,…

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