North Carolina property owners to see dwelling insurance rate spike by 8 percent

Dwelling Insurance - North Carolina - 8 percent increase

Commissioner Mike Causey announced the average rate increase across the state. North Carolina Insurance Commissioner Mike Causey has announced that following negotiations with the dwelling insurance market, there will be an average 8 percent rate increase across the state. The increase is substantially lower than what was requested The North Carolina Rate Bureau had been seeking an average increase to dwelling insurance rates of 50.6 percent.  That means that following negotiations, it was reduced by 42.6 percent to arrive at the average that will be implemented in the state. This…

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Florida’s home insurance market could suffer deeply if this happens in 2024

Hurricane season Ahead 2024 - Florida

If the hurricane season this year is an active one for the state, policyholders will pay the price Florida’s home insurance market has already been in crisis mode for the last few years, worsening with each passing hurricane season.  If this year is another active one, it could be “detrimental” to the market in the state. Unfortunately, predictions aren’t good Though predictions are far from fact, the current predictive models are indicating that there will be a number of storms during this hurricane season.  This is leading to rising concerns…

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Insurance Exodus Update: Why Iowa is Losing Its Insurers Now

Insurance Exodus - Iowa

The recent departure of multiple insurance companies from Iowa’s homeowners’ market has sent shockwaves through the state. The New York Times reported that insurers are pulling out due to severe financial losses driven by unprecedented weather patterns. This move raises significant concerns for homeowners and demands a closer look at what has led to this exodus. The Insurance Turmoil Caused by Climate Change The insurance turmoil caused by climate change — which had been concentrated in Florida, California, and Louisiana — is fast becoming a contagion, spreading to states such…

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Gen Z’s Truth About Lying: A Tech Revolution in Insurance

Gen Z - Masks

In an unexpected twist, the high rate of insurance application falsifications by Gen Z has become a catalyst for technological advancements within the insurance industry. NerdWallet’s 2024 Insurance Dishonesty Report reveals that 42 percent of Gen Z-ers have admitted to lying on insurance applications to secure better rates. This trend, while initially alarming, is driving significant innovation in how insurers handle data and assess risk. Generational and Gender Perspectives on Insurance Dishonesty Emerging trends highlight a generational and gender divide in attitudes towards insurance dishonesty. Men are generally more inclined…

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State Farm shares affordable wildfire protection tips for home insurance customers

Home insurance - Wildfire Protection Tips

The blazes have become more frequent in recent years and are leading to substantial damage. May is Wildfire Preparedness Month, and in the spirit of this time before the blazes typically start for the year, State Farm has provided homeowners with ways they can help to protect their homes and properties within a limited budget. In 2023, 2.6 million acres were burned by 56,000 wildfires in the US alone Last year, over 4,300 homes and commercial structures were destroyed by wildfires in the US, according to data released by the…

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