Category: Homeowners Insurance

We explore all property insurance for homeowners as well as industry updates. Renters, condo, earthquake insurance as well as flood insurance are all topics covered. Flood insurance is undergoing a slew of changes all over the world that are making headlines daily

Many families in Louisiana are reaching home insurance desperation

Logan B.
Home Insurance - Stressed at high rates

The state has reached a crisis point in its property coverage market with prices headed steadily skyward. Families affected by the hurricanes that have hit the state in many years have already been facing rapidly climbing home insurance rates, but at the same time, they’re also battling with insurers to pay for the costs they’ve paid to make their homes livable again. Insurers in the state have gone bankrupt, leaving policyholders floundering While settlements from some home insurance companies are protected through the state-backed guaranty association, the process can take…

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Skepticism Abounds as Florida Welcomes New Property Insurance Companies

Angela Linders
Florida Property Insurance - Skeptical

Eight New Florida Property Insurance Companies Amid Market Shakeup In a concerted effort to inject stability into Florida’s property insurance market, a fleet of eight new insurance companies has embarked on a mission to provide a reprieve from the soaring premiums and to fill the void left by the withdrawal of large national insurers. This proactive stance comes in the wake of an alarming 68% surge in home insurance premiums recorded between May 2021 and May 2023, positioning Florida at the pinnacle of the US in terms of homeowners’ coverage…

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Colorado Gun Insurance Bill Moves Forward Amid Diverse Opinions

G. Turner
gun insurance

Article Update: On April 20, the Colorado House passed a bill requiring all gun owners to have liability insurance for accidental firearm discharges, starting January 1, 2025. Representatives Steven Woodrow and Iman Jodeh, HB24-1270 aims to promote responsible gun ownership and was narrowly approved with support from key Democrats. The legislation allows for coverage through existing insurance policies and includes provisions for those unable to afford it. Woodrow emphasized the bill’s role in covering the costs of gun violence and ensuring safer communities, while Jodeh likened the insurance requirement to…

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State Farm issues thousands of California home insurance non-renewals

Marc
California home insurance - Non-Renewals

The insurer is also withdrawing from the sale of commercial apartment policies in the state State Farm recently announced that it will be issuing around 30,000 non-renewal notices California home insurance and rental homeowners policies. The purpose of the decision is to ensure business sustainability in that market According to State Farm, the decision to issue the non-renewal notices within the California home insurance market is to “ensure its long-term sustainability” there.  It called the choice “difficult but necessary”. The non-renewals will impact around 30,000 homeowners, rental homeowners, and other…

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US insurance company Allstate issues catastrophe losses and new rates report

G. Turner
US insurance company - Business - Reports

The insurer has published its February 2024 report on its catastrophe losses and implemented rates. The US insurance company Allstate Corporation (NYSE symbol ALL) recently released its catastrophe loss data for February 2024. In the report, it announced its catastrophe losses were lower than the reporting threshold The US insurance company’s announcement showed data that illustrated that the insurer was under the $150 million reporting threshold for that month. The data shared by the insurer in a recent news release also delved into its rate increase for the auto coverage…

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