Report calls for more action from consumers to help mitigate the costs of natural disasters

This year has been host to a large number of natural disasters that have born a heavy price tag to the insurance industry. While natural disasters may not be happening more frequently, they are certainly happening in areas of dense population, making the damage they cause astronomical. Consumers often look to the insurance industry to provide protections against natural disasters, but the industry can only do so much. A new report from the University of Pennsylvania’s Wharton School suggests that government policy, as well as consumer initiative, may significantly reduce…

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Rates for homeowners insurance are on the rise

Homeowners insurance rates are expected to experience a notable increase following a year that has seen significant severe thunderstorms and tornadoes, and where forecasts predict that the 2011 hurricane season will be more active than the average. In fact, in areas where the storms have been the most damaging, policyholders may find themselves paying up to 20 percent more to their insurers. Though some homeowners are counting on a lower increase because the value of their homes have decreased, it is important to recognize that it is not the market…

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Property insurance rates getting more and more competitive

Homeowners may actually start getting a break on their insurance policies; at least in Louisiana. A few new insurance companies have started business there; where just a few years ago they were closing shop and leaving. The homeowner’s didn’t have a lot of choice as far as insuring their homes; if they could get coverage at all. Now it looks like change is on the way.   A survey done in 2008 showed Louisiana had the third highest insurance rates in the nation; leaving homeowner’s paying an average of $1400…

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