American homeowners insurance rates have skyrocketed in the last 10 years

American homeowners insurance rates - House

A recent study showed that property owners are paying far more now than a decade ago. Natural disasters occurring over the last ten years are being blamed for a surge in American homeowners insurance rates. Tornado alley has experienced the fastest increase in home insurance premiums in the US. A LendingTree subsidiary, QuoteWizard, looked at data over the last 10 years to explain the steady, sharp increase in American homeowners insurance rates. What they determined was that there has been a series of natural disasters that have kept premiums moving…

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Top Christmas homeowners insurance claims identified as a caution to consumers

Christmas homeowners insurance claims - House decorated for christmas

Policyholders are advised to learn from the mistakes of others so they won’t be repeated. Insurers are releasing their lists of top Christmas homeowners insurance claims from previous years. This is meant to be useful information for policyholders who want to make sure they have a claim-free Christmas this year. The combination of decorations, cooking and drinking can all pose a range of preventable risks. Insurance companies are hopeful that by educating consumers about the risks, it will help them to make better choices and prevent disaster. In this way,…

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Renters and Homeowners insurance coverage helps evacuated residents

Homeowners insurance coverage - Evacuation Route - Sign

Regardless of whether or not the California wildfires have caused damage, policies are still helpful. People affected by emergency evacuation orders may benefit from their homeowners insurance coverage regardless of whether their homes are damaged. Home and renters insurance policies cover more than just damage caused by wildfires in the area. “With sometimes only minutes to evacuate, residents often escape with only the clothes on their backs,” said California Insurance Commissioner Dave Jones. Hundreds of thousands of people in California have been affected by evacuation orders as a result of…

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Halloween insurance claims always rise, often more than any other day

Halloween insurance claims - Jack-O-Lantern

As much as trick-or-treating may be fun, it can also lead to some of the costliest claims to insurers. Insurers are gearing up for another holiday of Halloween insurance claims, as is the case every year. As fun as this day may be for kids of all ages, homeowners and car owners often face some of their worst outcomes. Data shows that home and auto theft and vandalism claims are consistently high on Halloween. Therefore, insurers always encourage homeowners and car owners to review their policies before Halloween insurance claims…

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Force placed insurance regulations to be altered in the United States

force placed insurance

The FHFA now intends to ban mortgage lenders from being able to receive payments. The Federal Housing Finance Agency (FHFA) is now working to ban mortgage companies from being able to receive lucrative payments in order to arrange for forced placed insurance on behalf of homeowners in certain situations, such as when an existing policy has been allowed to lapse or has gone unpaid, against the agreement of the loan. The U.S. housing regulator is working to stop this controversial payments practice from continuing. Government officials have revealed that force…

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Homeowners insurance confusion is common in California

Homeowners Insurance credit score

Confusion concerning homeowners insurance protection is a major problem in California Confusion is a common problem among a large portion of Californians when it comes to the basics of homeowners insurance. A new poll from InsuranceQuotes.com, an insurance aggregator, shows that many people do not accurately know what their homeowners insurance policies cover. This confusion is not only common in California, of course, and has been documented elsewhere in the U.S. Homeowners insurance confusion was recently highlighted as a major issue that exacerbated the impact of 2012’s Hurricane Sandy. Homeonwers…

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Allstate eyes return to homeowners insurance business

Homeowners Insurance

Allstate beginning to make changes to business plan Allstate, one of the largest insurance companies in the U.S., is looking to get back into the homeowners insurance business. CEO Tom Wilson has announced that the company is working to improve customer loyalty after consolidating several independent agencies, acquiring smaller insurance providers, and a rate increase spree. Part of this effort is to begin expanding its flagging homeowners insurance business, which has shrunk by more than 1 million policies over the last four years. Homeowners insurance business may yield high returns…

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