As the state aims to find a way to repair its current crisis, it is making sweeping changes Louisiana residents are about to see a number of widespread changes to home insurance in the state as the new commissioner Tim Temple aims to fix the crisis in the state. Temple is determined to correct the state’s crisis “Louisiana has a very heavy-handed regulatory reputation,” said Temple. “We’re changing that.” Last week, he outlined a number of sweeping changes to the home insurance regulations in the state, making it possible for…
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2 Florida home insurance companies aim to raise rates more than 50%
Amica Mutual Insurance and Castle Key Indemnity have requested the increases in the state Home insurance rate hikes are nothing new to Florida property owners, but a recent request made by two private insurers in the state aims to increase rates by over 50 percent. Increases at that level are high even for Florida Amica Mutual Insurance and Castle Key Indemnity have formally requested to raise their rates by more than 50 percent for policies covering condominiums and secondary residences. According to the companies, the increases are required to help…
Read MoreHome insurance companies remind customers to use these tips to avoid claims
Weather-related claims are high at this time of year, but insurers hope prevention will help. Though springtime is still a few weeks away, the fluctuation of weather between winter and spring trends can cause issues that lead to damage and therefore home insurance claims. With the addition of extreme weather events, this time of year can be particularly damaging. Home insurance companies have been releasing tips to customers in the hopes that a bit of prevention will go a long way in reducing the risk of damage from the types…
Read MoreProperty owners are increasingly purchasing minimum homeowners insurance policies
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…
Read MoreIs your house and home insurance ready for a strong El Niño?
The last time there was a similar El Niño event, the increased rainfall doubled claims at Mercury. As of this month, the National Oceanic and Atmospheric Administration (NOAA) issued a statement predicting a significant El Niño event, which has insurers bracing for increased home insurance claims. The conditions are already building, and strength is only expected to rise as winter gets nearer. El Niño is a type of abnormally warm Pacific Ocean temperature near the equator. When this happens, though the change in temperature may seem slight, the impact on…
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