Live Insurance News

Criminal investigation launched in New York aims to bring clarity to flood insurance issues

December 24, 2014December 22, 2014 Marc

Criminal investigation will seek to uncover the issues associated with Hurricane Sandy The New York Attorney General’s Office has launched an official criminal investigation into allegations regarding government contractors and their work relating to 2012’s Hurricane Sandy. The powerful hurricane hit the state quite hard, causing millions of dollars worth of damage. The federal National Flood Insurance Program has been struggling to accommodate the cost associated with the disaster, facing allegations of rejecting claims unjustly and working with third party organizations that have mishandled insurance policies. Growing number of homeowners…

Consumer group may have uncovered an auto insurance pricing scheme

December 24, 2014December 22, 2014 S.Vagus

Advocacy groups claims to have found information regarding a pricing scheme within the auto insurance sector The Consumer Federation of America, a prominent consumer advocacy group, has raised the alarm on what it believes to be a pricing scheme in the auto insurance sector. The organization suggests that insurers are employing a practice called “price optimization” to drive up insurance premiums for drivers. The Consumer Federation of America claims to have uncovered this practice when investigating rate filings from some of the country’s largest auto insurance companies. Insurers may be…

Will proper coverage bring good insurance news if a Grinch strikes?

December 23, 2014December 20, 2014 Julie Campbell

While many consumers feel that their homeowners policies will cover them against disasters, others aren’t sure. At this busy time of year, while we plan for parties, buy presents, don our ugly Christmas sweaters, and prepare to serve a tasty feast, becoming an insurance news statistic is typically not one of the issues at the front of most minds. That said, many Christmas gifts are often quite pricy, and it could be worth deciding if additional coverage is necessary. The more the area under the Christmas tree begins to fill…

Auto insurance silence remains commonplace among rideshare drivers

December 23, 2014December 20, 2014 H. Cutner

Many participants in these programs are confused about the rules and are uncertain as to what to tell insurers. Despite the fact that the regulations with regards to the auto insurance coverage required by the drivers for rideshare programs such as Lyft and Uber have improved throughout 2014, and many cities have legalized the mobile app based transportation service, Forbes recently reported that many drivers are perplexed by the mixed messages that they have received and continue to opt for silence when it comes to informing their insurers. This is…

FEMA sets up a new flood insurance advocacy office

December 23, 2014December 20, 2014 Logan B.

FEMA has created a new office that will serve as a consumer advocacy group The Federal Emergency Management Agency (FEMA) has begun taking steps to form an independent advocacy office that may help people navigate the complexities of the National Flood Insurance Program. The agency was tasked with forming such an office by a flood insurance law that was passed earlier this year. Congress had already established a similar office, but did not provide the funding needed to operate it. As such, the new office being established by FEMA will…