1 in 5 Consumers accept Amazon and Google as homeowners insurance companies

Homeowners insurance companies - Home in bubble over hand

A J.D. Power survey showed that shoppers see these tech giants as acceptable home insurers. One in five consumers said in a recent J.D. Power survey that they would be willing to use Amazon or Google as homeowners insurance companies. Among those who participated in the survey, 80 percent were already insured by a large national carrier. Amazon and Google have both dabbled in the insurance industry and are expected to become increasing participants in the marketplace. Earlier in August, media reports showed that Amazon was testing the waters in…

Read More

Homeowners insurance companies caught overcharging 13 million policyholders

homeowners insurance companies

A new U.K. study has revealed that existing customers often pay considerably more than new ones. New Citizens Advice research demonstrates that up to 13 million U.K. customers are being overcharged by their homeowners insurance companies. Loyal customers and senior citizens are particularly victim to this trend. A very high percentage of homeowners over the age of 65 years have been paying more than new customers. The study revealed that 40 percent of home insurance policyholders over the age of 65 years and who have had their policy for over…

Read More

Homeowners insurance data collected by prisoners in UK

homeowners insurance prison call center program

Inmates are currently being paid for the collection of information on behalf of home insurers. A controversial new homeowners insurance data collection program has been launched at Oakwood Prison in the United Kingdom, which employs prisoners with the task of obtaining information from property owners on behalf of their insurers. This program, if successful, may be considerably expanded over time to the point that it goes nationwide. The Ministry of Justice recently announced that the prisoners will be paid in order to collect the homeowners insurance information. This program has…

Read More

Homeowners insurance providers fleeing New York markets

New York power outage from Hurricane Sandy- Homeowners Insurance fraud Coverage

Hurricane Sandy continues to have an impact on homeowners insurance Homeowners insurance in the U.S. has been in a tumultuous state since the impact of 2012’s Hurricane Sandy. More than six months after the storm struck the East Coast, the homeowners insurance sector continues to reel from the damage that had been caused by the catastrophe. In recent months, the states affected by the storm have garnered relatively little attention, but New York officials are beginning to voice their concerns regarding the recent actions of some insurance providers. New York…

Read More

Homeowners insurance companies make recommendations for closing cottages

Second Homeowners insurance

Preparing a vacation home for winter can help to reduce the risk of damage. As the summer cottage season comes to a close, many people are shutting up their vacation homes for the colder months, and homeowners insurance companies are issuing recommendations to help make sure that this is done properly so that a claim won’t need to be made. Many forms of damage can be prevented with the proper precautions. This means that at this time of year, homeowners insurance companies make a priority of trying to inform their…

Read More

Force-placed coverage causes probe of New York insurance companies

A closer look into forced placed insurance practices The state insurance regulator in New York is currently performing an investigation as to whether or not the rates for force-placed insurance that are being charged by companies should be deemed excessive, and is requesting data from insurers such as Assurant Inc. The New York Department of Financial Services released a statement that said that it is trying to obtain basis for “consistently high profits” that are occurring at the investors’ and homeowners’ expense. It is also requiring that insurers such as…

Read More

Insurers seek to “share the risk” with communities with a higher chance of wildfires

Insurance news – Can industry and consumers find a common ground Insurance companies have announced their hopes to “share the risk” of wildfires with the communities and homeowners located within wild land-urban interface areas. A Rocky Mountain Insurance Information Association presentation outlined the details of the fact that insurance companies are not as willing to provide or renew insurance to customers who are at a high risk of wildfires. As stated by a New Mexico-based State Farm Fire and Casualty Insurance Company official, Matt Brenner, “Why should homeowners be interested…

Read More