Category: Insurance Industry News

Here is where agents and brokers can get a wealth of information in their specific occupation. Insurance company headlines amongst other related topics are free for you choose from.

Is the federal crop insurance program keeping up with climate change?

Logan B.
Crop insurance - A person touching wheat

Few changes have been made in the program despite rising risks associated with global warming. Risk has always been a part of farming, particularly due to its dependence on the weather in any given season or year, and crop insurance has become a key part of the survival of many farms across the United States. That said, risks associated with weather have been changing, but the program has altered very little. The massive federal crop insurance program has helped farmers to ensure their businesses survive in times of flooding, drought,…

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Allstate puts a halt to Colorado Spanish-language insurance sales due to new law

Nordstrom
Insurance sales - Colorado Law

State lawmakers passed a translation requirement leading the insurer to conduct business in English. Allstate will be stopping all insurance sales conducted in Spanish and will do business exclusively in English in Colorado when a new law goes into effect in 2025. House Bill 23-1004 requires insurers to provide consumers with policy documents in the same language as advertising. The law will mean that policy documents provided to consumers will need to be written in the language in which the company advertises. Therefore, if a company advertises in Spanish, the…

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Decoding the Implications of State Farm’s 20% Insurance Rate Increase in California

H. Cutner
state farm insurancecalfornia homeowners insurance crisis

When State Farm, a leader in the insurance industry, announced its decision to raise homeowners insurance rates in California, it echoed a growing trend of economic adaptation amid a changing environmental and financial landscape. This increase spotlights the intricate dance between insurers and the forces that dictate market stability, from the escalating severity of natural disasters to the swelling costs of home repairs and the unyielding pulse of economic inflation. As we unpack the manifold reasons behind such a significant uptick in insurance costs, we also delve into the labyrinth…

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California condo insurance company leaves the state

Marc
Condo insurance

Farmers subsidiary Foremost has announced that it will no longer sell this type of coverage in the state. Farmers subsidiary Foremost Insurance Co. has announced that as of April 2024, it will stop selling condo insurance in California. The California Condominium Homeowners program will be coming to an end at that time. This makes Foremost only the latest among many insurers that have decided to withdraw from selling coverage in the Californian market. Homeowners’ and condo insurance have been increasingly difficult for many residents to find, and those who do…

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Long-term care insurance is helping people remain in their homes longer

Nordstrom
Long-term care insurance Coverage - Caretaker visiting Person at Home

This coverage is being included in retirement plans for people who want to avoid care facilities. It isn’t uncommon for people to want to remain in their homes for as long as possible as they age, and long-term care insurance as a part of a retirement strategy is starting to grow in popularity once more. The growth is slow, as the coverage is not cheap, but as people plan for the future, they see its value. Assisted living communities and nursing homes are also not cheap, so as many people…

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