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Massachusetts to investigate homeowners insurance rate increases

September 24, 2015September 23, 2015 Logan B.

Senate panel to look into the rate at which homeowners insurance premiums are growing Homeowners in Massachusetts have been reeling from major insurance hikes in recent years. Many insurers have been raising rates by significant margins due to record snowfall over the past winter. Homeowners have expressed their concerns regarding the rate increases, which have placed them under a greater degree of financial stress. Now, state lawmakers are looking into the issue to determine whether or not the rate increases are necessary. Panel will be interviewing insurance professionals and regulators…

Senate to investigate growing homeowners insurance premiums in Massachusetts

August 12, 2015August 11, 2015 Nordstrom

Senate panel will uncover the necessity of homeowners insurance rate hikes Homeowners insurance premiums are spiking in Massachusetts, and a new Senate panel intends to look into the issue. The Senate’s Post Audit and Oversight Committee will be investigating the Massachusetts Division of Insurance and its approval of costly homeowners insurance rate increases. Senator Michael Barrett will be leading the Senate panel in the investigation. Depending on the findings of the investigation, homeowners in Massachusetts could eventually see some relief to growing homeowners insurance rates. State regulators approve rate increases…

State to investigate homeowners insurance rate hikes

July 31, 2015July 30, 2015 S.Vagus

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.…