Live Insurance News

California market loses yet another homeowners insurance company

November 20, 2023November 19, 2023 Marc

The state has been struggling with a rapidly shrinking market due to considerable challenges. California is losing yet another homeowners insurance company from its market as a company owned by the second largest home insurer in the state announces that it will be ceasing operation in the state. This will leave tens of thousands of property owners looking to find new coverage. Farmers Direct Property and Casualty Insurance Company, an insurer owned by the second largest homeowners insurance provider in California’s property market, has surrendered the Certificate of Authority it…

Beginner Basics: 7 Things New Homeowners Need to Know About Home Insurance

November 9, 2023 Guest Author

Most new homeowners know that purchasing a house insurance policy is a sensible decision. Those small monthly payments you barely notice coming out of your bank account can save you from financial ruin in the event of catastrophic property damage. However, some people purchase home insurance policies without doing their homework. Alongside reading the fine print provided by your insurance company, it can be worth familiarizing yourself with the following details: No Doesn’t Always Mean No Insurance providers are there to help homeowners protect their investments. Unfortunately, that doesn’t mean…

Property owners are increasingly purchasing minimum homeowners insurance policies

November 7, 2023November 6, 2023 H. Cutner

Homeowners insurance - How much house can I afford

Consumers are increasingly choosing to buy the smallest possible amount of coverage. When the vast majority of people purchase homes, they do so with a mortgage that requires them to carry a certain minimum amount of homeowners insurance coverage. That said, to an increasing degree, consumers are deciding to buy no more than the minimum allowable amount of coverage. Property buyers are facing a rapidly growing total of costs, leaving little room for extras. While homeowners insurance is required – and will provide exceptionally important coverage in the case of…

Unpacking the Underwriting Process: How Underwriters Evaluate Fire Risk for Properties

October 3, 2023 Guest Author

Property insurance underwriters play a critical role in the insurance industry by assessing and managing the risks associated with insuring properties against various perils, including fire. To provide property owners with appropriate coverage and premiums, underwriters employ a thorough process that analyzes numerous factors contributing to fire risk. In this article, we’ll delve into the complex task of how underwriters assess fire risk for properties. Location Analysis The location of a property is a fundamental factor in determining its fire risk. Underwriters examine the geographic area in which the property…

Colorado Homeowners Insurance Rates Experience a Staggering Uptick

July 27, 2023July 26, 2023 Nordstrom

Both house and condo owners have been watching their premiums head through their roofs. Condo owners in Louisville, Colorado have been reporting that their homeowners insurance rates have skyrocketed by 700 percent. This isn’t an isolated incident, as rates throughout the state have been rapidly rising this year. Colorado homeowners insurance premiums have been going up for a number of reasons, but they are mainly being linked to high inflation in addition to increasingly common and destructive wildfires, floods, and hailstorms. State Rep. Kyle Brown, a resident of Louisville, Colorado,…