Flood insurance uncommon among Kentucky homeowners under water

Flood insurance - home in water

With dozens of people dead and rain still in the forecast, the area hasn’t been known for this type of flooding. Regions of Kentucky have suffered profoundly as a result of extensive and ongoing flooding, a situation that has only been made worse because there is very little flood insurance coverage throughout the affected areas. Hundreds of homes flooded, primarily badly, and residents were left waiting to assess the damage. While flood insurance is often purchased in parts of the country at a higher risk of damage from these natural…

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Some Oregon home policy rates to rise due to wildfire insurance risk

Wildfire insurance - Oregon Sign - Home Insurance - Fire

The state recently published a map to show which properties are at the highest and extreme level risks. After the catastrophic season in 2020, Oregon has moved ahead with strategies to advise people as to whether they are living in vulnerable areas, in a move that might send home wildfire insurance rates upward. While people did want to now if their properties were at an extreme risk of blazes during the summertime. While the new maps have been seen as informative and helpful, certain homeowners, particularly those in rural parts…

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California Wildfire insurance expansion act passes House

Wildfire insurance - Laws - Signing

HR 8483 has now passed the House and will require studies by FEMA and the GAO. House Committee on Financial Services Chair Rep Maxine Waters (D) has announced that “The Wildfire Response and Drought Resiliency Act” has passed the House, including her bill HR 8483, “The Wildfire Insurance Coverage Study Act of 2022”. The next step will involve studies to provide assessments regarding the rising danger of the blazes. HR 8483 will require that the Federal Emergency Management Agency (FEMA) and the Government Accountability Office (GAO) conduct assessment studies to…

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Will stopgap measure dig Florida home insurance market out of crisis?

Florida home insurance - Home in Florida

Regulators have announced a plan using Citizens to avoid consequences of financial ratings agency downgrades. Regulators have announced that they will be using Citizens as a part of a Florida home insurance stopgap plan in the hopes of avoiding the ramifications of financial ratings agency downgrades across several property insurers. The plan is meant to provide a temporary fix, making sure residents will maintain their coverage. The Florida home insurance stopgap plan will use the state’s insurer of last resort, Citizens, as a financial backstop. The insurer will take on…

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Colorado homeowners’ insurance rate hikes could push residents out of the state

Colorado Homeowners Insurance - Colorado Sign

Some property owners wonder how they will afford the impact of climate change and inflation on premiums. Colorado homeowners insurance rates have been heading rapidly higher due to the impact of climate change and inflation, among others, causing some residents to wonder if they will be able to afford to remain within the state. Many households in the state have watched their premiums climbing in the double digits. As the cost of inflation also impacts the price of other essentials, such as food, energy, fuel, and labor shortages affect child…

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42K Louisiana home insurance policyholders were dropped last Friday

Home insurance policy - paper with pen

The State Insurance Commissioner is scrambling to address the growing coverage crisis. Last Friday, a staggering 42,000 Louisiana home insurance customers learned that their policies were not going to be renewing and that they had 60 days to find a new policy to ensure uninterrupted coverage. This figure only adds to an already growing number of policyholders dropped by their insurers. According to Louisiana Insurance Commissioner Jim Donelon, there have been six home insurance companies that have completely withdrawn from the state and there are another fifty that have ceased…

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Treasury Department investigates insurance coverage impact of climate change

Insurance coverage - Climate Change Investigation

Concern is rising over the harm increasingly extreme weather is having on property rates and availability. The US Treasury Department is addressing rising concern over the impact of climate change on the availability and affordability of property insurance in disaster-prone areas. The Treasury is now launching the first nationwide insurers’ financial exposure assessment to climate risk. A preliminary email was issued by the Federal Insurance Office to regulators in every state. The email requested the data they had available for insurance coverage, liabilities and losses across the last half decade…

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