The insurer has failed to win a segment of its ongoing legal challenge in California. Mercury Insurance Group, the massive company serving California, has just lost a segment of its ongoing homeowners insurance rate legal challenge that it made against an order from state regulators. The petition to delay the decrease in the insurer’s rates which had been ordered upon them was rejected. The insurer lost their petition for the homeowners insurance rate decrease delay in the Sacramento Superior Court. The result will be that approximately 270,000 residents of California…
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New Jersey lawmakers take action on post-Sandy homeowners insurance
Homeowners insurance landscape changes post-disaster Last year’s Hurricane Sandy dealt a powerful blow to the Eastern U.S. The powerful storm caused significant damage to homes and other properties in several states. In New Jersey, floods causing the most damage, putting heavy strain on the Federal Flood Insurance Program, which accounts for the majority of flood insurance protections in the country. The disaster brought several problems within the insurance sector to light, causing New Jersey lawmakers to take action on the issue of homeowners insurance in order to avoid future turbulence.…
Read MoreHomeowners insurance reform bill for Citizens once again delayed
The overhaul for the state backed insurer is being held back yet again in Florida. On Wednesday, a vote that had been scheduled for a sizeable overhaul of homeowners insurance in Florida was delayed, yet again, which may suggest that the fear of sending rates skyward is holding the bill down in the state Senate. It is not that the bill is without the necessary support, but the sponsor is seeking additional time. The sponsor of the bill is Senator David Simmons (R-Altamonte Springs). He indicated that he has already…
Read MoreHomeowners insurance reforms expected in Colorado
The wildfires from last year have spurred lawmakers to consider changes to the current coverage. Lawmakers in Colorado are taking a new look at homeowners insurance which have been based on the complaints that have been collected from property owners over the last months since the wildfires in the state. In fact, they are now closing in on an agreement on a number of different changes to the coverage. The wildfires in Colorado brought a number of homeowners insurance issues into the spotlight and those in charge of regulations did…
Read MoreHomeowners insurance bill would change the rates in North Carolina
Legislators from coastal communities are hoping to make the rate system different and more transparent. Lawmakers that are representing coastal North Carolina counties where residents are feeling high frustrations about the skyrocketing cost of homeowners insurance, have now introduced a number of bills that would change the way that the state regulates the rates that are charged as well as to add transparency to the system as a whole. One of the two primary measures has already been receiving bipartisan support as there are sponsors from both parties. Both Republicans…
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