Florida Senate gives the nod to homeowners insurance overhaul

Logan B.
Homeowners insurance - Policy

The changes will involve new lawsuit limits, among others to ease the burden to property owners. This week, the Florida Senate gave its approval to overhauling homeowners insurance in the state, targeting the areas causing property owners – and therefore insurers – the largest amount of pain. The industry in the state will be undergoing a number of critical changes to help lift it out of crisis. Among the changes to the homeowners insurance industry that received approval include a new limit on lawsuits. There are also changes designed to…

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Allstate CEO says State Farm auto insurance rates will soon increase

Nordstrom
Auto insurance - Rates increasing

Tom Wilson has predicted that his company’s largest competitor will also be raising rates. President and CEO at Allstate Tom Wilson has predicted that State Farm will also be pushing to make auto insurance rate hikes in 2023, when he spoke at the Goldman Sachs 2022 US Financial Services Conference. Allstate has already started requesting rate increases and expects State Farm to do the same. Wilson pointed to the increased prices as a response to inflationary pressures and rising loss costs, and that the move will provide the home and…

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Rising number of Americans turning to their life insurance in financial uncertainty

G. Turner
Life insurance - Key

A growing number of people in the US are using the policies to help get through inflation. The number of Americans turning to their life insurance policies to help get through inflation and economic uncertainty without having to tap into retirement accounts already suffering from 2022’s volatility. There has been a substantial increase in Americans taking out loans or withdrawals from policies. According to Massachusetts Mutual Life Insurance Co data, last quarter showed a 31 percent year-over-year increase in the number of Americans taking out loans from or withdrawing from…

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An issue with insurance sanctions has oil tankers stuck at the Turkish straits

H. Cutner
Insurance sanctions - Water - Turkish Flag

Negotiations have yet to come up with a solution to move ships carrying 23 million barrels of crude. The Turkish straits continue to have a backlog of oil tankers as of the writing of this article, and negotiations haven’t shown any indication of offering an insurance sanctions glitch solution. The tankers contain over 23 million barrels of oil from Kazakhstan and have been stopped from moving. The twenty six tankers were unable to pass the Bosphorus and Dardanelles straits last week due to issues relating to the insurance sanctions against…

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Insurance companies want consumers to do these things every day

Julie Campbell
Insurance companies - Holiday lights on house

The holiday season comes with many common risks and insurers are hoping policyholders will avoid them. Insurance companies see a spike in homeowners insurance claims throughout the month of December every year, but this year, they’re hoping to give a heads up to policyholders to save money for everyone. The more claims are filed, the more expensive it is to provide coverage and rates may rise. Claims are expensive not only for insurance companies but also for policyholders when they occur regularly enough. After all, the more expensive it is…

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Pet insurance customers often don’t realize they have this coverage

G. Turner
Pet insurance - coverage for animals

Many animal owners would see even greater value in the policies they already have if they knew. Pet insurance policyholders know that when they purchase this coverage, they are helping to make sure they don’t have to cover the entire expense related to many potential health issues a cat or dog could experience throughout their lifetimes. That said, many people don’t realize just how much coverage they really have. It’s common to think of these policies as quite the expense, but their value rises with understanding. Emergency veterinary visits are…

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