State Farm insurance company provides customers with free Ting sensors

Insurance company - Electrical fire

The insurer is distributing more than one million devices in an effort to help prevent electrical fires. State Farm insurance company has announced that it’s offering its policyholders over one million free Ting sensors as a part of a strategy to reduce the risk of electrical fires. The smart sensor provides home electricity monitoring to help spot hazards that could spark a fire. The insurance company is offering over one million of the Ting sensors to its customers to help those policyholders to be able to detect hazards in their…

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As floodwaters rise in California, flood insurance covers few homeowners

Flood insurance - Home near rising waters

Rainstorms have been soaking the state, placing property owners at risk of uncovered water damage. Throughout the entire state of California, only about 230,000 homes and other properties are covered by flood insurance policies. This coverage is not included in standard home policies, leaving Californians vulnerable. Therefore, only about 2 percent of California properties have flood insurance coverage against rising waters from storms such as those that have been soaking the state in recent weeks. For most of the properties that are covered, the federal government is the insurer. About…

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Louisiana home insurance special session called by Governor John Bel Edwards

Home insurance - Government

The governor is hoping this special legislative session will set the state up to overcome its crisis. Louisiana Governor John Bel Edwards has called a special session of the state Legislature to take control over the home insurance crisis. The session is slated to start on January 30 and will continue until no later than February 5. The governor’s move aligns with Insurance Commissioner Jim Donelon’s statement made to a key legislative committee last Friday, when he said that a special session will be critical to overcoming the property and…

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Insurance losses hit $120 billion in 2022 due to hurricanes and flooding

Insurance losses Flooding damage Flodded roads

The US and Australia were the countries that contributed some of the biggest disaster costs. In 2022, Hurricane Ian in the United States and the flooding that struck Australia were among the leading drivers of insurance losses, according to Munich Re. This is contributing to a trend that connected with the intensity and frequency of disasters from climate change. The insurance losses from natural catastrophes last year reached about $120 billion in 2022, which was comparable to 2021, though still fell short of the record-breaking damages that occurred in 2017,…

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Insurance companies want consumers to do these things every day

Insurance companies - Holiday lights on house

The holiday season comes with many common risks and insurers are hoping policyholders will avoid them. Insurance companies see a spike in homeowners insurance claims throughout the month of December every year, but this year, they’re hoping to give a heads up to policyholders to save money for everyone. The more claims are filed, the more expensive it is to provide coverage and rates may rise. Claims are expensive not only for insurance companies but also for policyholders when they occur regularly enough. After all, the more expensive it is…

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Mercury Insurance shares home water conservation tips

Mercury Insurance - Water Saving Tips

As consumers tighten their belts due to inflation, insurers are seeking to provide ways to save. While some insurers are working on creating plans and quote strategies to help consumers to find deals and discounts where they can, Mercury Insurance is also sharing tips for savings in other areas. The insurer recently released tips to help consumers to save money and water at the same time. There are many places around the home where water can be saved. This is both an environmentally conscious step that homeowners and renters can…

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Australian home insurance prices climb due to climate change

Home insurance - Australia - Map

A new green paper report from Finity has shown that global warming is skyrocketing coverage costs. Climate change is having an impact worldwide, but it isn’t dolling out the pain equally, as Australian homeowners are discovering as their home insurance premiums rapidly climb, said a new Finity green paper report. The Australian coverage industry is experiencing increasing losses due to extreme weather events. The Australian home insurance industry has been experiencing rising losses from extreme weather-related events over the last decade, even accounting for exposure growth and inflation. This year…

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