Tag: coastal property insurance

Property insurance rate reform may be on its way in North Carolina

H. Cutner
coastal flood property insurance north carolina

Coastal leaders are seeking new ways to settle these rates, underscoring that this will benefit policyholders across the state. In North Carolina, coastal leaders are currently leading an effort to reform the property insurance rate setting process, while still making sure to point out that the legislation that they are proposing would be to the benefit of people across the entire state and not just those who have homes along the coastlines. The reforms would be based on the belief that there is a flaw in the current rate calculation…

Read More

Homeowners insurance customers at Citizens to pay 6.3 percent more

G. Turner
homeowners insurance rates

A rate hike was just approved for the property coverage in Florida for the state backed insurer. Next year, homeowners insurance customers who remain with Citizens Property Insurance Corp. in Florida will see an average increase in their rates by 6.3 percent following the approval that was just received for the change. The Office of Insurance Regulation gave its approval of this rate, which was lower than the original request. The initial proposal for the homeowners insurance rate hike at Citizens had been 7.9 percent. The comparatively lower increase will…

Read More

Homeowners insurance rates cause struggle among coastal residents

G. Turner
New bill for Florida could mean higher property premiums

Property owners along the coastlines of the United States are watching their premiums soar. A trend is being observed by homeowners insurance customers who reside along coastlines across the country, which is making it more challenging for them to be able to keep their homes because it is becoming too expensive for many of them to afford the cost of coverage. Within the last couple of decades rates have grown ever skyward for these coastal customers. While many have tightened their belts and have managed to keep up with the…

Read More

Maryland court sides with Allstate’s decision to not write new policies for coastal properties

S.Vagus

Maryland’s highest court has sided with Allstate this week in a case regarding the insurer’s move to stop writing new homeowners policies in coastal regions. The case emerged in 2007 when the insurer chose to step away from the coastal market due to the potential for natural disasters. The insurer’s move was spurred by a catastrophe model that suggested that losses in these regions as a result to hurricanes or other storms could be gargantuan. The Maryland Court of Appeals chose to uphold the rulings of lower courts, agreeing that…

Read More

Property insurance rates in Mississippi even out but insurers still wary

The Mississippi Insurance Commissioner, Mike Chaney, is reporting that property insurance rates in the state are leveling off. Chaney spoke Tuesday at a luncheon hosted by the Gulf Coast Business Club. Predictions of an unusually active hurricane season earlier this year from the National Oceanic and Atmospheric Administration spurred a sharp rise in insurance rates in Mississippi and neighboring states. The momentum seems to have died out, however, a trend that Chaney believes is due to models that suggest many storms will be diverted to Texas or up the East…

Read More