Insurance Exodus Update: Why Iowa is Losing Its Insurers Now

Insurance Exodus - Iowa

The recent departure of multiple insurance companies from Iowa’s homeowners’ market has sent shockwaves through the state. The New York Times reported that insurers are pulling out due to severe financial losses driven by unprecedented weather patterns. This move raises significant concerns for homeowners and demands a closer look at what has led to this exodus. The Insurance Turmoil Caused by Climate Change The insurance turmoil caused by climate change — which had been concentrated in Florida, California, and Louisiana — is fast becoming a contagion, spreading to states such…

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Florida homeowners’ insurance customers are giving up on coverage

Insurance customers - Florida - No thank you

Skyrocketing rates have sent many property owners to choose to skip policies altogether A recently released report has underscored the continuation and growth of a trend in Florida in which home insurance customers have chosen not to pursue coverage anymore due to sharp increases in the premiums they would need to pay in order to keep up their policies. The trend among insurance customers started to take off following Hurricane Ian For many property owners in the state, the premiums they are required to pay to remain insurance customers have…

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Colorado home insurance customers reel from new coverage struggles

Home Insurance - Person Stressed - Colorado Flag

Rates have been skyrocketing and property owners have been losing their coverage Residents of Colorado have been battling their way through the state’s home insurance market as rates head consistently skyward and coverage becomes increasingly difficult to get. The trend has been having an impact on the real estate market State residents seeking to buy a property or even simply wanting to keep the one they already have, have been facing new struggles, as they have been peppered with high prices, high interest rates, and massive property taxes. Beyond that,…

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Louisiana Governor Landry signs property insurance package

Property Insurance - Signing into law

The package was backed by Louisiana Insurance Commissioner Tim Temple Louisiana Governor Jeff Landry has now signed into law a property insurance package that had the strong backing of the state’s Insurance Commissioner Tim Temple. The goal of the measure is to help the state overcome its current coverage crisis. The package is meant to make the state’s market more industry friendly Four bills were signed by Landry in the hopes of benefitting the property insurance industry by granting new freedoms for raising customer rates, canceling policies, and facing fewer…

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Florida home insurance company fined $1 million for policyholder mistreatment

Home insurance - Florida Flag - Hurricane Sign - Pay Fine

Victims of Hurricane Ian were mistreated by this insurer, which must now pay a fine One of the largest home insurance companies in Florida has agreed to pay a fine of $1 million after having been accused of policyholder mistreatment. Affected customers are those who were victims of Hurricane Ian According to state Insurance Commissioner Michael Yaworsky, Heritage Property and Casualty Insurance was in violation of Florida law for failure to pay or deny home insurance claims within 90 days. Hurricane Ian was just easing out of Category 5 status…

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