Though several deals arrived at the last moment, none of them included the sought-after proposal. Even as a slew of deals appeared at the last moment ahead of the close of California’s legislative session, none were the home insurance market fix many were waiting for to help keep insurers in the state despite the rapidly climbing wildfire risks. The key deadline came and went without a bill that would help to stave off a crisis in the state. As a new home insurance bill didn’t appear in the last session,…
Read MoreCategory: Political News
The political arena is ripe with news from the insurance industry – 2012 being a presidential election year, as well as other changes, have made for one of the hottest news topics we have.
California takes different tack than Florida to beat home insurance crisis
Officials in the state are looking for options to support property insurers in wildfire prone regions. California officials are working to avoid facing a similar situation in their home insurance market to that faced by officials in Florida. Florida residents are livid with their elected officials for allowing premiums to skyrocket to current levels. Catastrophic storms have been sending home insurance rates steadily and steeply upward in Florida. California is aiming to avoid the same situation due to the regular and devastating storms blasting their way through. State officials in…
Read MoreMichigan’s 2019 Auto Reform Bill includes unconstitutional car insurance changes
The state’s Supreme Court has ruled against a component of the bill that brought changes to benefits. The Michigan Supreme Court has ruled that part of the car insurance changes from the 2019 Auto Reform Bill that has been making headlines for the last four years is actually unconstitutional. About 18,000 patients experienced reduced benefits as a result of the changes in the bill. The car insurance changes have been heavily discussed and debated over the last four years, particularly in terms of decreased reimbursements for catastrophic care, cutting into…
Read MoreFlorida Senator says property insurance crisis needs Governor DeSantis to “come home”
Lawmakers in the state are calling for greater accountability as coverage prices break records. As Florida faces some of its highest ever property insurance rates – with more increases on their way – lawmakers are calling for greater accountability in the industry. Rate hikes and policy cancellations are reaching their worst ever level in the state. Now, a Senator representing Jacksonville is pushing for Florida Governor Ron DeSantis to call another special property insurance session this summer, for the one purpose of generating savings and benefits for homeowners. Florida Senator…
Read MoreState Farm Boldly Upholds Commitment to Florida’s Home Insurance Landscape
Even as Farmers and AAA reduce their business in the state, the insurer says it’s not leaving. State Farm has announced that it has no plans to leave Florida’s home insurance market like other insurers have done, and even as that insurer did that exact thing this year in California. Florida’s market has been riding the line on the edge of a crisis, but State Farm isn’t leaving. According to State Farm, it continues to see an opportunity in Florida’s home insurance market, particularly due to recent reforms for the…
Read MorePart-time residents could see Citizens Florida home insurance rates doubling
This particular group of Florida residents are expected to see a very large increase in their premiums. The spotlight is on Florida’s part-time residents at the moment, as their home insurance in particular is expected to skyrocket even more than that of people who are permanent residents of the state. Regardless of whether part-time residents live in condos or houses, the rates are heading to the moon. Citizens Insurance – the state home insurance of last resort – has asked regulators for permission to increase the rates of seasonal residents…
Read MoreCalifornia auto insurance requires a lot of jumping through hoops
Drivers in the state are finding it particularly challenging to get the coverage they require. Drivers in California are finding themselves facing a slew of challenges to be able to get the auto insurance coverage they require, that is, when they’re not being outright declined. Some motorists are calling the hoops they’re jumping through a form of political ploy. California has been facing a tremendous challenge in the property coverage market, as large insurers such as Allstate and State Farm have announced that they are no longer selling new policies…
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