Massachusetts launches inquiry into growing homeowners insurance premiums The Massachusetts Senate will be launching an inquiry into “troubling homeowners insurance rate increases.” Several homeowners in the state have been hit by large increases as insurers sought to recover from financial losses due to heavy snowfall last winter. Last year, record snowfall caused significant damage to property and loss of business, which placed more pressure on insurers who now want to recover from these losses. This is somewhat typical for the insurance industry, especially in the wake of significant natural disasters.…
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Boston 2024 releases information about policies it wants from the insurance industry
New information emerges about the policies the state is interested in for the 2024 Olympics Boston, Massachusetts, is looking to play host to the 2024 Summer Olympic Games, and those behind the Boston 2024 initiative have released more information about the insurance proposals they believe will provide coverage for those attending the Games. Boston 2024 is responsible for the push to bring the Olympic Games to Massachusetts. The committee behind the initiative has been working on overcoming challenges that prevent the Games from coming to the state by working with…
Read MoreCredit has a big impact on auto insurance premiums
Report highlights the effect that credit data has on insurance prices Credit score has a lot to do with auto insurance rates, according to a recent report from WalletHub, a personal finance organization. The report focused on how a driver’s credit score affects their insurance rates in the United States. All states but California, Hawaii, and Massachusetts were examined for the report. In these states, using a driver’s credit history to price auto insurance coverage is illegal, so such information does not contribute to higher premiums. Those with no credit…
Read MoreMassachusetts health insurance exchange finds success
Survey shows that state’s insurance exchange has managed to serve many people in the state The health insurance exchange in Massachusetts may have been a resounding success, according to a new survey from the Center for Health Information and Analysis. The state served as a model for the Affordable Care Act, at least when it comes to the formation of an insurance exchange. Massachusetts enacted extensive health care reform in 2006, which lead to the creation of the Massachusetts Health Connector, which was the state’s first iteration of its insurance…
Read MoreHealth insurance enrollment period extended in Washington
States begin extending the enrollment period for their insurance exchanges The open enrollment period for health insurance exchanges in the United States has come to an end, but that may soon change for many states in the country. In Washington, the enrollment period has been extended until the middle of April, which will allow more people to sign up for health insurance coverage through the state’s exchange. In other states, lawmakers are considering extension to the enrollment period, as well. Federal penalties encourage states to extend their enrollment periods in…
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