Author: Nordstrom

The Rise of Non-Admitted Carriers in High-Risk States Like California

Nordstrom
Non-Admitted Carriers

Kin Insurance Expands into California, Bringing Solutions to a Challenged Market California homeowners have long faced an uphill battle when it comes to securing affordable and comprehensive home insurance. This struggle has only been amplified by the growing threat of wildfires and other extreme weather events. With traditional insurers retreating from high-risk areas, the gap in coverage has widened. However, Kin Insurance, a direct-to-consumer insurtech player, has stepped in with a promise to tackle these challenges head-on. The California Insurance Crisis For years, large insurance companies have been reducing their…

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Insurance News – NYDFS Cracks Down on Insurers with $20.4M in Fines for Reporting Failures

Nordstrom
NYDFS Cracks Down on Insurers

NYDFS Cracks Down on Insurers with $20.4M in Fines for Reporting Failures The New York State Department of Financial Services (NYDFS) has taken significant action against car insurance providers, resulting in $20.4 million in fines due to widespread compliance failures. After a lengthy investigation, regulators called out several major insurers for not submitting vehicle coverage reports to the DMV within the required timeframes, a critical process for maintaining consumer protection and state records. This enforcement sends a clear signal to the industry about the importance of following regulations and highlights…

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Texas Senate Bill 1246 Proposes State-Run Auto Insurance Program

Nordstrom
Texas Senate Bill 1246

With insurance premiums steadily climbing and accessibility becoming a key concern, Texas lawmakers are pushing for change through Senate Bill 1246 (SB 1246). This groundbreaking proposal introduces a state-administered auto insurance option, aiming to improve affordability and competition in the auto insurance market. Sponsored by State Senator Roland Gutierrez (D-San Antonio), the bill brings the promise of accessible coverage for millions of Texans while challenging the dominance of private insurers. Affordable Auto Insurance for Texans SB 1246 seeks to establish a public auto insurance program administered by the Texas Department…

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The Growing Threat of Insurance Deserts and How to Address It

Nordstrom
Insurance Deserts

What Are Insurance Deserts? Imagine living in an area so prone to natural disasters that insurance companies decide it’s simply too risky to do business there. This is the concept of an insurance desert—a place where coverage becomes hard to come by or entirely unavailable. These regions are often plagued by events like wildfires, floods, and hurricanes, phenomena that are becoming more frequent and severe in the wake of climate change. For communities labeled as insurance deserts, the ripple effects are far-reaching. Homeowners struggle to secure mortgages without coverage, businesses…

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Crashes, Claims, and Calm Driving—Lessons from Tesla and Cadillac Owners

Nordstrom
Driving patterns

Tesla Drivers See Spike in Incidents New data from Lending Tree paired with other research sources provides a deeper look into Tesla drivers and their driving patterns. The findings raise pressing questions about driver behavior, advanced vehicle technology, and their collective impact on road safety. Lending Tree’s analysis shows that Tesla owners reported an average of 37 incidents—accidents, speeding tickets, DUIs, and more—per 1,000 drivers in 2024. That’s a rise from 31 in 2023, suggesting that factors like increased Tesla ownership, overconfidence in vehicle technology, or regional driving dynamics might…

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How New York’s Insurance Law Is Setting a Precedent for the Nation

Nordstrom
New York's Insurance Law

New York Introduces Stand-Alone Business Interruption Insurance Law New York has taken a bold step to support businesses in managing unforeseen disruptions with the introduction of a stand-alone business interruption insurance law, effective the later part of 2024. This groundbreaking legislation expands coverage options beyond traditional policies, offering businesses more flexibility and security. What is Stand-Alone Business Interruption Insurance? Stand-alone business interruption insurance is a specialized policy designed to cover financial losses resulting from business closures, even when there is no direct physical damage to the property. Unlike conventional business…

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The Roof Rule That’s Blocking Homebuyers Nationwide

Nordstrom
Roof rule that homebuyers need to know

Homebuyers Struggle to Navigate Insurance Obstacles with Older Roofs Buying a home is a major milestone, but for an increasing number of buyers, the road to homeownership is becoming more complicated. Across the country, insurance companies are tightening their underwriting requirements, and aging roofs are emerging as a significant hurdle. Many homebuyers are finding themselves caught in a frustrating cycle—unable to secure insurance policies that mortgages require for closing. This growing challenge is leaving buyers and sellers searching for creative solutions to keep deals intact. Why Are Insurers Focusing on…

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