Homeowners who lost their coverage due to fire threats will have access to plans next year. Californian homeowners who have been struggling with the loss of coverage due to wildfire threat will soon have comprehensive home insurance available to them once again. A new state-mandated plan has been created to make sure residents can obtain coverage. California Insurance Commissioner Ricardo Lara issued an order for this new comprehensive home insurance plan last Thursday. It was a response to the catastrophic wildfires that have left devastation in their wake in the…
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How to Lower the Cost of Your Home Insurance
Just by making a few tweaks, your home insurance costs can differ by hundreds of dollars. There are many variables that go into determining the costs of your home insurance and by being informed about what impacts these calculations you can make a more knowledgeable decision when purchasing your policy. An insurance broker is one of your best resources when it comes to shopping around and comparing policies, so be sure to enlist the help of yours for when you need help purchasing coverage. Also, a broker will be able…
Read MoreHow Climate Impacts Your Property Insurance Costs
There are plenty of factors that can impact your property insurance costs, from your location and the size of the home to the contents, but one thing that homeowners may not be prepared for is how climate is now affecting their premiums. A recent report released shows Canada is warming up at twice the rate of the rest of the world; this has left insurance providers feeling uneasy. That uneasiness is most likely going to translate to a rise in premium rates. So how exactly does climate impact your property…
Read MoreCitizens Insurance is still battling thousands of Hurricane Irma lawsuits
The Florida insurer of last resort is still grappling with legal challenges from two years ago. Florida Governor Ron DeSantis and state lawmakers recently approved a Citizens Insurance overhaul plan. The overhaul redesigned the controversial “assignment of benefits” practice. It also added new restrictions regarding lawsuits that can be filed against insurance companies. The state-backed insurance company will still need to deal with its thousands of existing lawsuits. Citizens Insurance is still attempting to work its way through thousands of existing lawsuits. These were filed well before the overhaul was…
Read MoreAmerican homeowners insurance rates have skyrocketed in the last 10 years
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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