Flood insurance uncommon among Kentucky homeowners under water

Flood insurance - home in water

With dozens of people dead and rain still in the forecast, the area hasn’t been known for this type of flooding. Regions of Kentucky have suffered profoundly as a result of extensive and ongoing flooding, a situation that has only been made worse because there is very little flood insurance coverage throughout the affected areas. Hundreds of homes flooded, primarily badly, and residents were left waiting to assess the damage. While flood insurance is often purchased in parts of the country at a higher risk of damage from these natural…

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HHS to invest over $49 million into health care for kids and parents

Health care - Investment - Piggy Bank

The funds will be in the form of 36 awarded grants to strengthen Medicaid and the Affordable Care Act. The US Department of Health and Human Services (HHS) has announced through its Centers for Medicare & Medical Services (CMS) that it is awarding grants worth a total of $49 million to organizations working to reduce the rate of uninsured Americans and to bring health care access to more kids and parents alike. This represents the largest outreach and enrollment effort from the HHS through Connecting Kids to Coverage. The investment…

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Cyber insurance premiums rise while availability falls amid growing threats

Cyber Insurance - Digital

Though the coverage has been around for about a couple of decades, the risks are skyrocketing. Cyber insurance isn’t new to business coverage offerings, but as data breaches, ransomware attacks and other risks rise, so are premiums, while availability is dropping. The coverage is meant to help businesses overcome losses associated with these digital events. Losses covered by cyber insurance can include everything from the cost of repairing the damage to systems and securing them, recovering lost business or disruptions, paying ransoms, rebuilding a reputation and even legal fees in…

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42K Louisiana home insurance policyholders were dropped last Friday

Home insurance policy - paper with pen

The State Insurance Commissioner is scrambling to address the growing coverage crisis. Last Friday, a staggering 42,000 Louisiana home insurance customers learned that their policies were not going to be renewing and that they had 60 days to find a new policy to ensure uninterrupted coverage. This figure only adds to an already growing number of policyholders dropped by their insurers. According to Louisiana Insurance Commissioner Jim Donelon, there have been six home insurance companies that have completely withdrawn from the state and there are another fifty that have ceased…

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Auto insurance data spat could lead to regulatory battle in Illinois

Auto insurance data - Regulation Battle - Illinois

A fight over information regarding insurer profits during the pandemic may increase state regulation. Newly disclosed auto insurance data from throughout the pandemic has shown that insurers made excessive profits throughout that span of time, according to the Illinois Public Interest Research Group (PIRG) consumer advocacy group. The watchdog says it is proof that the state is in need of stricter regulation of the industry. Insurers have been fighting against the release of the auto insurance data relating to the premiums charged throughout the pandemic. That information was requested by…

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Rising auto insurance rates causes customer satisfaction to fall

Auto insurance rates - Insurance Company

A new JD Power study showed that drivers are unhappy with their insurers over climbing premiums. A new JD Power study has shown that motorists’ satisfaction with their insurers is falling as they watch their auto insurance rates rise. JD Power published the results of their 2022 Insurance Shopping Study showing discontent among drivers. The study showed that auto insurance rate hikes have been driven by a 41 percent rise in the price of used cars. This has pushed vehicle repair and replacement costs skyward and has sent insurers to…

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Some schools can’t get Idaho health insurance even on the state plan

Idaho health insurance - School - classroom

The state gave millions to school districts to get coverage, but the cost is still proving too high. State legislators passed a bill this year to allow school districts to purchase coverage through the Idaho health insurance plan. The hope was to reduce the cost that education workers would need to pay for their medical coverage. Unfortunately, despite strong efforts to reduce costs, they remain too high for many districts to afford. As the school districts work to approve their budgets for the next school year, many are finding that…

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