Category: Financial News

The financial insurance news being updated every day will keep investors as well as professional abreast to industry and the many changes that are occurring in today’s business world.

Mortgage Mayhem: How a 50% Home Insurance Rate Jump is Stressing Finances

Angela Linders
Home Insurance Rate Jump

Are You One of the 50%? Understanding Your Essential Escrow Account Escrow accounts are pivotal in managing the financial responsibilities associated with homeownership. Despite their importance, a survey by LERETA reveals that only about half of the homeowners with an escrow account completely understand how it functions. This lack of comprehension is concerning, especially since these accounts are essential for paying property taxes and insurance premiums. Escrow accounts are commonly required for mortgage holders with less than 20% equity in their homes and are mandatory for federally-backed FHA loan borrowers.…

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Maximize Savings and Efficiency with Property Tax Outsourcing Services

Guest Author
Property Tax questions and answers

Key Takeaways: Property tax outsourcing services can help decrease property tax expenses, identify potential overpayments, and navigate complex property tax laws and regulations. By outsourcing property tax management, businesses can focus on their core competencies, save time and resources, and ensure compliance with changing property tax requirements. Property tax outsourcing services can help overcome challenges such as managing multiple properties and jurisdictions, staying up-to-date with property assessments and appeals, and dealing with complex property tax valuation methods. When choosing a property tax outsourcing provider, consider their experience and expertise, cost…

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Car Insurance Costs Explode in 2024 with an Overall Jaw-Dropping 26% Hike

H. Cutner
rising car insurance costs

Car Insurance Premiums Surge in 2024 Car insurance premiums skyrocketed by an average of 26% in 2024, pushing the national average cost for full coverage to a staggering $2,543 per year. This marks a significant rise from $2,014 in 2023 and $1,771 in 2022. Several factors contribute to this surge: The Bureau of Labor Statistics notes that while overall annual inflation was 3.2%, car insurance rates spiked 20.6%. States differ in rate increases, with New Jersey and Missouri seeing hikes of 45.69% and 44.16%, respectively. Florida and California remain among…

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Ricardo Lara’s Reforms: Can They Save California’s Property Market from Fire Risks?

Marc
Can They Save California's Property Market from Fire Risks?

Commissioner Lara’s Reforms to Rescue California’s Property Market In a bid to rescue California’s beleaguered property market, Insurance Commissioner Ricardo Lara has announced a series of reforms aimed at addressing the growing crisis in the state’s insurance sector. The situation has reached a critical point, with many insurers either pausing or severely limiting new policies, particularly in high-risk areas prone to wildfires. The Roots of the Crisis The current crisis is partly rooted in the 1988 voter-passed Proposition 103, which mandates that insurance companies obtain approval from the California Department…

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The Rising Tide of Uninsured Americans and the Looming Threat of ACA Subsidies Ending in 2026

Live Insurance News
The Rising Tide of Uninsured Americans and the Looming Threat of ACA Subsidies Ending in 2026

Uninsured Americans Rise to 27.1 Million in Early 2024, CDC Reports The latest figures from the Centers for Disease Control and Prevention (CDC) are sounding alarms across the healthcare landscape. More than 8% of Americans were uninsured during the first months of 2024, a significant uptick from the record-low uninsured rates observed in the wake of the COVID-19 pandemic. According to the CDC’s National Health Interview Survey, an estimated 27.1 million Americans of all ages lacked health insurance by March 2024. This marks an increase of 3.4 million uninsured individuals…

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