Mortgage struggles on the horizon as Florida home insurance problems continue

Home Insurance - Mortgage calculations - Florida Flag

As the coverage crisis continues in the state, there is a risk of a real estate market downturn. As the home insurance crisis drags on in Florida, the risk could increase for a downturn in the state’s real estate market, with a threat of mortgage struggles. Major insurers have been stepping out of the state and have stopped selling new policies. Home insurance customers in Florida are paying the highest premiums in the United States. Residents of the state pay an average $6,000 annual premium to private insurers according to…

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Health insurance customers comprise most people with medical debt

Health insurance - Past Due Medical Bills

This represents a dramatic shift from a previous time when most debtors were uninsured. The majority of people who have debt to American hospitals are individuals who are covered by health insurance, according to data recently released by medical billing analysts. Patients with coverage are often still unable to pay the bills they receive from hospitals. “We always used to consider bad debt, especially bad debt write-offs from a hospital perspective, those [patients] that have the ability to pay but don’t,” said Kodiak Solutions senior vice president Colleen Hall. Kodiak…

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North Carolina home insurance customers could see 42 percent rate hike

Home insurance Hikes - North Carolina

The state’s rate bureau has requested the increase, which would go into effect this summer. This summer, things could be heating up in North Carolina’s home insurance market, as the state rate bureau has requested a massive 42.2 percent rate increase that would go into effect on August 1 if approved. The rate increase request was announced by NC Insurance Commissioner Mike Causey in a news release. The North Carolina Rate Bureau (NCRB) represents home insurance companies that write policies in the state. It is an entity that is completely…

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California auto insurance delays to face possible crackdown

Auto insurance delays

The state has threatened to penalize insurers for tactics to stall in providing coverage to drivers. California drivers have been registering complaints regarding the challenge they face in trying to obtain the auto insurance legally required to drive in the state. In response, the state commissioner is warning of a potential crackdown against stalling insurers. Commissioner Ricardo Lara announced this week that his department has been receiving “numerous” complaints from auto insurance customers that are dealing with lengthy questionnaires, waiting periods and other stalling practices that are potentially violating Californian…

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Could the Florida home insurance crisis end with wind mitigation investments?

Florida home insurance Crisis - Analyzing Stats

The property coverage ecosystem in the state does appear to be easing compared to the last dramatic years. While the Florida home insurance market looks like it may be leveling out, it remains clear that considerable funding is still required to harden homes in the state against the extreme winds that come with the increasingly common and severe hurricanes blowing through every year. This could help to prevent substantial losses for both policyholders and insurers, said risk experts. “Mitigation is a huge issue. If you think about how do you…

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