Live Insurance News

Governor Newsom Backs Bill to Prioritize Homeowners Benefiting from Insurance Payout Interest

February 11, 2025February 10, 2025 G. Turner

Governor Newsom’s proposed bill regarding insurance payouts

When disaster strikes, recovery often feels like an uphill battle for homeowners. For Californians impacted by the devastating Palisades and Eaton fires, a new piece of legislation proposed by Governor Gavin Newsom could help alleviate some financial burdens. The proposed bill, authored by Assemblymember John Harabedian (D-Pasadena), aims to ensure that homeowners—not lenders—benefit from the interest accrued on insurance payouts for homes destroyed or damaged during disasters. Understanding the Proposed California Insurance Bill Governor Newsom’s proposed bill addresses a gap in California law that currently allows lenders to collect interest…

Wildfire Survivors Get a Lifeline as California Pushes for Full Coverage Payments

February 10, 2025February 9, 2025 G. Turner

California Insurance Commissioner Calls on Insurers to Ease Wildfire Survivors’ Burdens A Compassionate Plea for Full Coverage Without Detailed Inventories California Insurance Commissioner Ricardo Lara is taking a strong stance to support survivors of recent wildfires in Southern California. Recognizing the emotional and logistical toll of losing a home, Lara has issued a Notice urging residential property insurance companies to provide full contents coverage limits without requiring policyholders to compile exhaustive inventories of their destroyed belongings. “It is inhumane to require wildfire survivors who have lost everything to list every…

Legislative Reforms and New Programs Drive Florida’s Insurance Rate Reductions

February 6, 2025February 5, 2025 H. Cutner

Florida Insurance Market Relief Gains Momentum Floridians may experience meaningful financial relief as recent insurance rate reductions are announced for both homeowners and drivers. While the newly proposed budget for fiscal year 2025-26 includes additional measures to lower costs moving forward, the current savings are largely the result of older legislative reforms that are only now beginning to yield results. Impact of Older Legislative Reforms Recent decreases in insurance rates can be traced back to a series of reforms passed across previous years aimed at addressing deep-seated issues in Florida’s…

The Roof Rule That’s Blocking Homebuyers Nationwide

February 5, 2025February 4, 2025 Nordstrom

Homebuyers Struggle to Navigate Insurance Obstacles with Older Roofs Buying a home is a major milestone, but for an increasing number of buyers, the road to homeownership is becoming more complicated. Across the country, insurance companies are tightening their underwriting requirements, and aging roofs are emerging as a significant hurdle. Many homebuyers are finding themselves caught in a frustrating cycle—unable to secure insurance policies that mortgages require for closing. This growing challenge is leaving buyers and sellers searching for creative solutions to keep deals intact. Why Are Insurers Focusing on…

Allstate’s 30% Condo Insurance Hike Sparks Consumer Concern

February 4, 2025February 4, 2025 Live Insurance News

California condo owners are bracing themselves as Allstate, one of the state’s major insurance providers, plans to raise its condo insurance rates by an average of 30% starting in April. This significant increase, authorized by the California Department of Insurance, has left many policyholders questioning how the change will affect their wallets—and what it signals about the broader insurance market. What Condo Owners Need to Know About Allstate’s Rate Changes If you’re one of the approximately 78,000 Allstate condo insurance customers in California, here’s what you can expect. The rate…

How Staged Accidents Are Evolving Rapidly and How to Protect Yourself

February 1, 2025February 1, 2025 Live Insurance News

Staged Car Accidents and the Growing Role of Dashcams in Fighting Fraud Staged car accidents are increasingly becoming a scourge on our roads, costing billions annually while endangering innocent drivers. These orchestrated collisions are a form of insurance fraud where scammers manipulate traffic conditions to cause crashes, aiming to pocket compensation through exaggerated injury claims or repair costs. The victims not only face financial strain but also risk severe injury. However, a new weapon is emerging in the fight against staged accidents—dashcams. These compact cameras are quietly transforming how drivers,…

Can Chubb Weather the Storm? $1.5 Billion Wildfire Costs Test Resilience

January 31, 2025January 31, 2025 Nordstrom

Chubb Faces $1.5 Billion Wildfire Claims as California Insurance Market Struggles Chubb Ltd. is bracing for an estimated $1.5 billion in pretax costs due to the devastating wildfires in Los Angeles County. This makes it the first insurance company to reveal its financial hit from these disasters, which claimed over two dozen lives and caused widespread destruction. The Eaton and Palisades fires burned nearly 40,000 acres of homes, businesses, and landmarks, leaving families displaced and communities reeling. Evan Greenberg, Chubb’s Chairman and CEO, expressed solidarity with the affected policyholders, stating,…