Tag: Missouri insurance

Missouri homeowners insurance rates have increased 76 percent in ten years

H. Cutner
home improvement loan

Consumers in the state are experiencing some of the fastest increases in the US due to severe weather events. A new analysis of Missouri homeowners insurance rates has shown that consumers in the state are paying an average of 76 percent more this year than they did a decade ago. The severe weather that is striking the state on a more regular basis is to blame for the rate hikes. The Missouri homeowners insurance rate hike is the seventh largest percentage increase in the country. As severe weather events become…

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Missouri earthquake insurance market is getting very shaky

H. Cutner
Missouri earthquake insurance - US Flag, Missouri Flag, Jefferson National

The state D.O.I. published a new report showing the lack of high-magnitude tremor readiness. A new Missouri earthquake insurance report was recently published by the state’s Department of Insurance (D.O.I.), highlighting some troubling details about the market there. The “Earthquake Insurance Market Report” showed a lack of preparedness in the event of a large quake. The Missouri earthquake insurance report revealed some troubling facts about the readiness of the state’s market to recover if a high magnitude quake should occur. This is particularly worrying as the southeast of the state…

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Missouri homeowners are being encouraged to purchase flood insurance coverage

S.Vagus
storm flood homeowners insurance rain

Consumers and businesses alike are being urged to acquire flood insurance Missouri homeowners, business owners, and renters are being encouraged to purchase flood insurance coverage, even if their properties are not located in risk-prone areas. Floods have caused significant damage in the past due to heavy rainfall and powerful storms. In Missouri, those without flood protection are being urged to acquire coverage in order to adequately protect themselves and their properties. Typically, however, the only place for people to find coverage is through the National Flood Insurance Program. Agencies in…

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Missouri officials ban insurance industry from using price optimization

Nordstrom
Missouri insurance industry

Department of Insurance bans the use of controversial price optimization practice The Missouri Department of Insurance has officially banned the use of price optimization among insurance providers. Insurance Commissioner John Huff has issued a warning to insurers using this pricing method that they will be faced with severe penalties if they continue to do so. This decision affects the insurance industry in the state, applying to a variety of companies, especially property and casualty insurance companies. Price optimization continues to cause problems for the insurance industry Price optimization has become…

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Missouri falls behind in mitigate increase in health insurance rates

Marc
health insurance deadline enrollment

State has been unable to halt the growth of health insurance premiums Missouri may be falling behind in protecting its residents from significant health insurance rate increases. In 2016, insurance policies are set to become more expensive nationwide due proposals from insurers. Typically, state regulators investigate rate increase proposals in order to determine whether or not they are needed. In Missouri, however, regulators are not tasked to investigate rate proposals. Instead, this burden falls to the federal government, which may be leaving consumers open to significant rate increases that could…

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