Tag: us homeowners insurance

Work group seeks to resolve problems with Alabama’s homeowners insurance market

Nordstrom
Alabama homeowners insurance

Alabama continues to struggle with the impact of Hurricane Katrina Many homeowners in Alabama are still struggling to recover from the impact of Hurricane Katrina, some 10 years after the disaster struck. These consumers are facing higher homeowners insurance premiums, as insurers have had to raise rates in order to recover from financial losses associated with Hurricane Katrina. In order to resolve this issue, a new organization has been formed that will seek out a solution to costly homeowners insurance coverage for those living in coastal communities. New work group…

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Homeowners insurance rates on the rise in Florida

S.Vagus
Florida Homeowners Insurance

Citizens Property Insurance to raise rates in South Florida and elsewhere Water damage claims are becoming more common in South Florida, which is leading to an increase in homeowners insurance rates in the region. Florida’s Citizens Property Insurance had intended to reduce rates for homeowners in South Florida, but water damage claims have become more plentiful and more costly. Most of the state’s water damage claims originate from South Florida, which is no surprise considering the region’s proximity to the ocean and the storms it is exposed to. Rates had…

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Millennials are unsatisfied with interaction with homeowners insurance companies

S.Vagus
homeowners insurance rates

Insurers are having trouble interacting with Millennials Homeowners insurance companies may be failing to meet consumer expectations when it comes to interaction, according to a new study released by J.D. Power, a global marketing research and information services firm. The study highlights “Gen Y” consumers, typically referred to a Millennials, as having the lowest satisfaction with insurers and their ability to interact with consumers. This demographic typically represents those born in the early 1980s and early 2000s and these people are becoming first-time homeowners and have high expectations of the…

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Federal agency is slow to act on controversial homeowners insurance coverage

Marc
homeowners insurance

Federal Housing Finance Agency has not taken action on force-placed insurance The Federal Housing Finance Agency has pledged to make changes to a controversial type of homeowners insurance coverage, but has yet to actually take any action on the matter. The agency’s director told the Senate Banking Committee this week that the agency was making progress in addressing the issue of force-placed insurance, but none of the agency’s plans have gone into effect yet. Force-placed insurance has become a controversial topic in the U.S., with many consumers and state officials…

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Homeowners insurance rates fall in the US

S.Vagus
Homeowners Insurance Rates

Average cost of insurance coverage is falling Homeowners insurance in the U.S. may be on its way to becoming more affordable, according to data from HomeInsurance.com’s RateReport. Over the past few years, homeowners coverage in the U.S. has been considered a problematic issue because of its costly nature. Those located in coastal communities tend to pay more for their coverage due to their exposure to natural disasters. Recent climatic events, such as the so called Polar Vortex, have also had some impact on the insurance market, but that impact may…

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