Live Insurance News

Skyrocketing Car Insurance Rates Drive Drivers to Pay Repairs in Cash

August 23, 2024August 22, 2024 H. Cutner

As car insurance premiums continue to soar, drivers are finding alternative ways to manage their expenses. With rates expected to rise by at least 20% in 2024, many are opting to bypass the claims process altogether and pay for repairs out of pocket. Understanding the Shift: Why Drivers Are Avoiding Claims A recent survey by LendingTree reveals that about 40% of drivers are choosing to skip the traditional claims process, opting instead to handle minor repairs in cash. This trend is largely driven by the fear of increased premiums and…

State Farm Faces Unprecedented Claims Surge as Hurricane Beryl Breaks Records

July 17, 2024July 17, 2024 Marc

State Farm Claims soar from hurricane damage

Hurricane Beryl Smashes Records, Unleashing Insurance Claim Surge Hurricane Beryl has left an unprecedented mark in its wake, driving State Farm to handle over 16,000 insurance claims—a record for the company. This surge in claims was set off when Beryl struck Texas, marking the first U.S. landfall of the 2024 Atlantic Hurricane season, according to a report by AM Best. The financial fallout from this historic storm is projected to reach into the billions, reflecting widespread damage to properties and vehicles across multiple states. Initially impacting the U.S. as a…

Could home insurance companies justify canceling policies with drone footage?

June 5, 2024June 4, 2024 Logan B.

Insurers in Florida are being accused of using aerial photos as evidence to cut people’s coverage Home insurance is already hard for many homeowners to find in Florida, as the state is currently suffering from a coverage crisis in that sector. Now media reports are popping up stating that insurers are using aerial footage collected by drones to justify cancelling a property’s coverage or declining to renew it. Reports are appearing that policyholders are receiving warnings from insurers A recent WFTV report showed that some home insurance customers have obtained…

Florida’s home insurance market could suffer deeply if this happens in 2024

May 24, 2024May 22, 2024 G. Turner

If the hurricane season this year is an active one for the state, policyholders will pay the price Florida’s home insurance market has already been in crisis mode for the last few years, worsening with each passing hurricane season. If this year is another active one, it could be “detrimental” to the market in the state. Unfortunately, predictions aren’t good Though predictions are far from fact, the current predictive models are indicating that there will be a number of storms during this hurricane season. This is leading to rising concerns…

Lloyd’s of London Braces for Historic Loss After Baltimore Bridge Disaster

March 31, 2024March 31, 2024 Marc

The insurance industry, led by Lloyd’s of London, faces a potential record-breaking payout in the wake of the catastrophic Baltimore bridge collapse—a sobering reminder of the immense risks inherent in marine transport and infrastructure. A Behemoth of Insurance History for Lloyd’s of London Lloyd’s of London has long stood as an enduring icon in the insurance realm, demonstrating resilience amidst colossal claims. Among the most notable was the payout following the sinking of the Titanic, a testament to the enormity of marine risks that insurers like Lloyd’s contend with. The…