Live Insurance News

Florida homeowners insurance through Citizens includes random home inspections

December 5, 2023December 4, 2023 H. Cutner

Homeowners insurance - Inspection Form - Florida Flag

Policyholders are worried about the way this new requirement will impact their rates. The largest homeowners insurance company in Florida has added a new requirement to its coverage, which is to conduct random home inspections of its customers. The state-run Citizens insurer has been taking steps to control the rates it charges its policyholders. Citizens, like all homeowners insurance companies in the state, has been required to continually raise its rates as the market in Florida becomes an increasingly costly place to do business. While many insurers have left the…

The Insurance Industry is Struggling to Recruit New Talent—How New Solutions Are Helping

December 4, 2023December 5, 2023 Archie Walsh

Recruitment has been a struggle across many industries, including insurance. Though insurance industry employment rose 1.83% in 2022, there were still 386,000 open jobs by the end of that year and a 14.7% turnover rate, with most of that turnover being voluntary. Economic challenges and a shift in working culture have become significant challenges for many insurance carriers to adapt to, impacting the hiring process. The industry is also aged, with many organizations struggling to appeal to a younger talent pool. As such, the need for more strategic recruitment practices and…

Businesses turn to tax insurance to cover themselves from unfavorable rulings

December 4, 2023December 2, 2023 Nordstrom

Underwriters and brokers are seeing their busiest year ever from companies buying these policies. Governments worldwide have been cracking down on companies that have been avoiding their taxes, and businesses are now buying tax insurance more than ever before in order to protect themselves against a costly dispute or unfavorable ruling. This year has proven to be a record-breaking year for the number of policies purchased for this reason. According to brokers and underwriters, by the close of December, this year will have seen the most tax insurance policies. This…

Crop insurance claims provide little help to some Maine apple growers

December 1, 2023November 30, 2023 Logan B.

Crop insurance - Person Collecting Apples from Tree

As the harvest season comes to a close, growers have been hit by a massive 50 percent loss. Right after the end of the harvest season, Maine apple growers started filing their crop insurance claims to help cover the losses they experienced during this difficult growing year. Adjusters from their insurers have been visiting the orchards to verify that the facts are as reported. The issue leading to the crop insurance claims occurred back in late May when a snap freeze annihilated the apple blossoms on trees that were just…

Texas auto insurance rates are climbing because of lousy drivers and expensive repairs

November 30, 2023November 29, 2023 Nordstrom

The Insurance Council of Texas released a statement about climbing premiums for Texan motorists. The Insurance Council of Texas recently released a statement to explain the rapidly rising auto insurance rates in the state that have been occurring since 2021. There have been several issues that have contributed to climbing premiums, but crashes top them. According to the community director of communications and public affairs for the council Rich Johnson, insurers have been slowly increasing their auto insurance rates since 2021. That year saw a substantial 20 percent increase following…