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…
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Illinois residents face increased insurance rates for home and auto
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…
Read MoreWhat to consider when purchasing vacation home insurance
Vacation home insurance Though it’s obvious that when you purchase a home, you will also want to cover it with homeowners’ insurance, many people feel uncertain when it comes to deciding on the coverage required for their vacation homes. Insuring your summer or vacation home or cottage is extremely important, not only for when you are present, but especially because it is empty for a significant amount of the time. By purchasing adequate coverage, you’ll know that your secondary home and possessions will be covered even when you aren’t there.…
Read MoreInsurers 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 MoreIndiana homeowners now have access to home value protection insurance
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…
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