Tag: replacement cost

New Zealand homeowners insurance – massive change on the horizon

homeowners insurance - New Zealand

The repeated earthquakes and aftershocks are about to alter the face of this coverage. Homeowners insurance owners and shoppers are being cautioned that it may not be long before this type of policy no longer covers the full cost of a rebuilt house, should disaster strike. Fixed cover policies may be the direction in which the industry is shifting in the near future. The homeowners insurance industry has been leaning toward fixed cover policies, with Government valuations to be the foundation of future cover. According to Chris Ryan, the Insurance…

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Florida consumers filed class-action lawsuit against Citizens Property Insurance

Live Insurance News

As Florida’s Citizens Property Insurance continues… to struggle beneath the crushing weight of debt, the state-run company’s policyholders are mobilizing for a massive lawsuit against the company. Consumers have filed a class-action lawsuit against the company this week in Tallahassee, Florida. Consumers are joined by Senator Mike Fasano, who believes that the company has been too bullish in its implementation of rate hikes. This is the same issue being brought to light by the lawsuit. Consumers claim that the company is overestimating the value of homes and thus driving up…

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Allstate New Jersey Insurance Company give homeowners advice for post-Irene home repair

Nordstrom

Following the flood, winds, and related damage from Hurricane Irene, Allstate New Jersey Insurance Company has made their suggestions regarding the best ways to ensure that homeowners are protecting themselves against scams from unscrupulous contractors. The suggestions made by the insurer include the following: • Don’t rush when making the choice for the right contractor – take your time and do your homework. • Obtain estimates from a number of contractors who are licensed and bonded. • Verify the contractors claims regarding their credentials through the use of the Better…

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Rates for homeowners insurance are on the rise

Nordstrom

Homeowners insurance rates are expected to experience a notable increase following a year that has seen significant severe thunderstorms and tornadoes, and where forecasts predict that the 2011 hurricane season will be more active than the average. In fact, in areas where the storms have been the most damaging, policyholders may find themselves paying up to 20 percent more to their insurers. Though some homeowners are counting on a lower increase because the value of their homes have decreased, it is important to recognize that it is not the market…

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New insurance regulations for California homeowners take effect

Nordstrom

Despite numerous challenges, a new set of regulations for California homeowners took effect on June 27, 2011. These changes were geared toward improving the standards and training processes for the replacement value estimations of a homeowner’s insurance should a disaster occur. At the same time, the controversial alterations are still being contested by two insurance trade associations. The new cost regulations include the following (California Code of Regulations Section 2695.183 (h)): • Conditions for outlining the requirements that involve the replacement cost and value estimates designed to improve comprehensiveness, consistency,…

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