homeowners insurance prices Archives

Homeowners insurance prices shouldn’t be affected by Oklahoma tornadoes

May 31, 2013May 29, 2013 Julie Campbell

The major storms that the state has seen should not cause its premiums to increase, says the commissioner. Following the devastation from the tornadoes and the massive storms that have struck central Oklahoma over the last few weeks, homeowners insurance customers have been worried that this will increase their risk level and will cause their premiums to skyrocket. However, the commissioner has released a statement to assuage those fears and has said that increases will hold off. Commissioner John Doak has released a statement that has said that the homeowners…

Force-placed coverage causes probe of New York insurance companies

April 9, 2012April 30, 2013

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…

Illinois residents face increased insurance rates for home and auto

April 9, 2012April 30, 2013

Illinois insurance rates on the rise According to the March state filings by a number of insurance companies, some residents of Illinois will soon be receiving the unwelcome news that the coverage that they require for their homes and vehicles will soon be rising. For example, Hanover Insurance has filed a proposal to increase their rates for homeowners’ insurance by an average of 4.9 percent. This rise will go into effect for the renewals on July 11, 2012. Similarly, the filing from Unitrin Preferred Insurance Co., has shown that they…

California Insurance Commissioner Dave Jones requests reduced rates from “forced-placed” mortgage insurance companies

March 30, 2012April 30, 2013

Insurance Commissioner Dave Jones has spoken with the 10 biggest insurers providing “lender-placed coverage” California insurance, in order to address a number of concerns that have been brought to his attention regarding excessive rates. Within that communication, Commissioner Jones directed that a California Department of Insurance (CDI) rate filing be made in order to lower their rates. The insurance commissioner too this step at a time when reports have been made quite heavily regarding sketchy financial integration between insurance companies that offer “forced-placed” mortgage insurance, and the mortgage lenders themselves.…

Indiana homeowners now have access to home value protection insurance

March 28, 2012March 27, 2012 Nordstrom

For the first time, Indiana homeowners will be able to purchase a form of insurance that protects them from losses in their home value due to shifts in the housing marketplace. This Home Value Protection insurance is available in Indiana as of this week and is the only form of American policy that helps to reduce the risk of homeownership due to swings in the housing market. Homeowners who purchase this policy will have the peace of mind of knowing that the market value of their largest financial asset is…

Homeowners’ insurance rates increase as a result of last year’s tornadoes

March 26, 2012April 30, 2013

The tornadoes that struck Joplin, Missouri, and other areas in 2011 will now be increasing the homeowners insurance rates as a whole, regardless of whether or not the area was influenced by any wind storms last year. According to data from the Missouri Department of Insurance, the rates for homeowners insurance in that state will be increasing by just over 5 percent. At the same time, state insurance officials in Illinois – an area also impacted by storms last year – have yet to provide any estimates as to how…

Many U.K. homeowners may not be able to obtain flood insurance by 2014

March 21, 2012March 21, 2012 H. Cutner

The Association of British Insurers (ABI) has made an announcement that indicates that approximately 200,000 homes throughout the United Kingdom that are at a high risk of flooding might not be able to obtain flood insurance coverage beyond 2014. This announcement came close on the heels of widespread predictions that the government may not be able to come up with the necessary funds for building the required flood-control infrastructure, despite the fact that climate change is causing water and sea levels to continually rise. Some have suggested that many homeowners…