Live Insurance News

State Farm announces its first Task Force on Climate-Related Financial Disclosures

November 28, 2022November 25, 2022 Marc

The insurer issued a release discussing the ways in which it is addressing climate risks. State Farm has announced the creation of its first Task Force on Climate-Related Financial Disclosures (TCFD) report. The goal is to provide transparency regarding its climate risk strategies for policyholders and its own business. In the release, State Farm recognized that climate change is bringing about greater risk and uncertainty for policyholders, particularly in terms of the severity, frequency, and location of catastrophic weather events. As such, the insurer has acknowledged its primary role as…

State Farm reminds policyholders to stay safe from holiday risks

November 17, 2022November 16, 2022 Nordstrom

The insurer has provided official tips for avoiding some of the most common “mishaps”. This time of year is filled with food, gatherings, lights, candles, decorations, and unfortunately, holiday risks as well. State Farm has released a list of tips for its policyholders in the hopes of keeping those most common mishaps to a bare minimum or even avoid them altogether. The first recommendations have to do with avoiding the most common causes of kitchen fires. Some of the holiday risks that can be the most damaging or even deadly…

Florida to pay up to $5M in insurance deductibles for hurricane victims

October 26, 2022October 25, 2022 Marc

Insurance deductibles - hurricane damage

Low- and moderate-income families most affected by Hurricane Ian may qualify for this support. The Florida Housing Finance Corporation is offering $5 million to help pay the insurance deductibles of low- and moderate-income victims of Hurricane Ian, announced Governor Ron DeSantis. The money is meant to help those families to cover the out-of-pocket portion of their home coverage. The corporation functions as the housing finance agency in the state and receives funding from the state for the SHIP program (State Housing Initiatives Partnership). There is $5 million reserved for use…

Mercury is one of the “Best Insurance Companies in America” for 2023, says Forbes

October 20, 2022October 19, 2022 Nordstrom

The respected designation was granted to only 78 insurers in the United States (out of over 3,300). Forbes has named Mercury among the “Best Insurance Companies in America” for 2023 in both the homeowners’ and renters’ categories. This is a respected designation among insurers, and not many of them have earned their way in. Forbes named 78 insurance companies in this category, among over 3,300 across the United States. To determine which insurers were worthy of the title, the Forbes worked with Statista, a market research group, which surveyed customers…

State Farm issues helpful tips for Fire Prevention Week

October 14, 2022October 13, 2022 G. Turner

Fire Prevention Week - Handing out pamphlet

October 9 through 15, 2022, is the 100th anniversary of the reminder of the steps to take to stay safe. Today is the last day of the 100th anniversary of National Fire Prevention Week, and State Farm has issued a number of helpful tips in a campaign to help keep people safe. This recognition is the longest-running public health observance in the United States. State Farm’s National Fire Prevention Week campaign this year is called “Fire Won’t Wait, Plan Your Escape”. Its purpose is to provide families with helpful education…

Hurricane Ian leaves an estimated $17 billion in uninsured damages behind

October 12, 2022October 11, 2022 Marc

Hurricane Ian - Damage to home from a hurricane

Initial estimates from the storm’s destruction are now being released, and much of it is not covered. Homeowners in Florida and other states along Hurricane Ian’s path could face uninsured losses as high as $17 billion due to flooding damage, according to new estimates released by CoreLogic. The estimates show that damages not covered by insurance will be between $10 billion and $17 billion. The uninsured losses from Hurricane Ian are expected to be nearly the same as what the covered losses are predicted to be, which is somewhere in…

Connecticut flood insurance rates rise, and fewer homes are covered

October 7, 2022October 5, 2022 Logan B.

Flood insurance - Welcome to Connecticut Sign

Though the last 12 months have been essentially free of flooding, there have been several near misses. Even though there have been only 18 Connecticut flood insurance claims filed in the last 12 months ending at the close of June, the rates in the state will still be rising. The rates are causing many state residents to take the risk without coverage for their properties. There have been several recent reminders that storms are fierce and quite close – Hurricane Fiona washed full structures away in Nova Scotia and other…