Wind insurance program in South Carolina watches homeowners exit

wind insurance

This pool which is a coverage option of last resort, has been seeing its participants dwindle for 3 years. According to the South Carolina Wind and Hail Underwriting Association, the number of homeowners who have been leaving the state’s last resort wind insurance pool has been continuing over the last three years. The program is meant for homeowners who can’t obtain this coverage anywhere else. For some time, the special wind insurance pool program was the only option that many homeowners had available to them. However, this state backed coastal…

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Homeowners insurance customers in Quebec lack an understanding of their coverage

Quebec homeowners insurance

This virtually universal problem was just demonstrated in a survey specific to that Canadian province. The results of a survey conducted by the Insurance Bureau of Canada (IBC) has shown that a strikingly large number of homeowners insurance policyholders in the province of Quebec do not have a solid understanding of the ways in which their homes and properties are protected. About half of the people surveyed erroneously felt that they had coverage against an overflowing body of water. As one in every two people in Quebec feel that their…

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Mississippi homeowners insurance companies targeted by new legislation

Mississippi Homeowners Insurance Industry

Lawmakers seek out answers concerning troubling insurance trends Mississippi lawmakers may soon pass legislation that will require the state’s property insurance companies to disclose how much they collect in premiums and how much money they spend on claims. This legislation would target insurers that provide coverage for the damage associated with hurricanes. Most insurance companies only provide coverage for wind damage, as flood insurance is primarily a matter for the federal government to handle. State officials suggest that insurers are not always straightforward with the information they provide concerning damage…

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Homeowners insurance customers at Citizens to pay 6.3 percent more

homeowners insurance rates

A rate hike was just approved for the property coverage in Florida for the state backed insurer. Next year, homeowners insurance customers who remain with Citizens Property Insurance Corp. in Florida will see an average increase in their rates by 6.3 percent following the approval that was just received for the change. The Office of Insurance Regulation gave its approval of this rate, which was lower than the original request. The initial proposal for the homeowners insurance rate hike at Citizens had been 7.9 percent. The comparatively lower increase will…

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Insurance industry to study U.S. and Canada’s “new normal”

Insurance Industry Hail, tornado, wind research

New research has now been funded to help to quantify the risk associated with hail, tornadoes and wind. Verisk Analytics company, Atmospheric Environmental Research (AER), has announced that it has received funding from the insurance industry and financial sector companies for a new emerging risk program being run by its scientists, called Climate Change: Tornado and Hail, in order to help to quantify any shifts that have occurred in the severe thunderstorm hazard patterns in Canada and the United States. It is believed that the result will be a “new…

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