Aon Benfield, a global reinsurance intermediary for the Aon Corporation, has released a new report concerning the state of home insurance rates in the U.S. The report shows that potential profit in the home insurance market has dropped from 6.9% in 2010 to 4.8% this year. The report suggests that the drop may be due to property insurer’s not pricing homeowner’s insurance in accordance with risk. This is especially prevalent along coastal regions where the risk for catastrophic damage is highest. Aon Benfield’s report shows that property insurers have shown…
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Homeowners insurance increases by 6.5 percent over 2010
Homeownersinsurance.com data has revealed that the average home insurance rate in May 2011 in California was approximately $770. When compared to the same time in 2010, this was an increase of 6.5 percent, as the average premium at that time was $729. HomeownersInsurance.com is a division of HomeInsurance.com LLC, which is marketplace for insurance online and is comprised of a group of more than 125 licensed insurance agents who sell homeowners insurance products across the United States. The CEO of the company, Carlos Lagomarsino, said that the Californian insurance rates…
Read MoreReport 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…
Read MoreGeorgia insurance companies want to increase premiums
Though insurers in Georgia had already increased premiums for homeowners insurance by 9 to 23 percent last year, many are already making requests to obtain permission for another increase. The largest homeowner policy writer in Georgia, State Farm, is asking for an increase of 7 percent next year. According to state officials, this would be in addition to the 20 percent increase that it already put into place at the beginning of 2010. Similarly, the homeowner insurer that is the third largest in the state, Travelers Group, has filed its…
Read MoreRates 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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