From Appliances to Insurance Rates—What Harmonic Distortion Means for Your Home Imagine paying higher energy bills because your refrigerator is working overtime, or worse, dealing with an electrical fire caused by chaotic energy surges in your home. Harmonic distortion, an often-overlooked electrical problem, is becoming a growing concern for households across the U.S. It’s not just your appliances and safety at risk—this issue could also affect your insurance premiums. Are insurance companies already factoring harmonic distortion into their calculations, or is this yet another issue that will drive rates up…
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Agents and brokers should be keeping up on the latest within the industry. Featured new products, agency education along with marketing information that will help further any insurance career.
38% of Americans Are Making This #1 Financial Move in 2025 – Are You?
Americans Prioritize Financial Stability for 2025, Study Finds A recent study from Allianz Life Insurance Company reveals a growing trend among Americans—financial stability is becoming a top New Year’s resolution. With rising living costs and increasing financial pressures, this shift highlights the urgent need for better money management strategies. The study, titled the 2025 New Year’s Resolutions Study, examined financial attitudes and habits across various demographics, uncovering critical insights into how Americans are adapting to economic challenges. Financial Stability Tops the List Financial stability stood out as the No. 1…
Read MoreCalifornia Faces Another Tough Blow as USAA Implements Steep Rate Increase
Significant Insurance Rate Hikes for USAA Customers in California California homeowners are facing significant financial adjustments as USAA Casualty Insurance Co. announces a sharp increase in insurance rates. Effective December 1, 2024, the company has implemented an average rate hike of 25.9%, with increases for some policyholders reaching a staggering 48.5%. This decision comes amid a broader pattern of rising insurance rates across California and reflects evolving challenges within the state’s already strained insurance market. Rate Increases Across USAA Subsidiaries The December rate hike is part of a wider adjustment…
Read MoreUmbrella Insurance Policies: A Vital Shield Against Unexpected Liabilities
The world today presents individuals and businesses with increasingly complex risks. From auto accidents to home liabilities and even social situations, the potential for significant financial disruption looms large. That’s where umbrella insurance policies come in, offering vital supplemental coverage for situations that exceed the limits of standard insurance policies. The Rising Cost of Liability and Broadening Risks Over the past decade, demand for umbrella insurance has grown substantially, driven by escalating claims and payouts. According to Safeco Insurance, umbrella claims doubled from 2010 to 2020, with payouts surging by…
Read MoreLiberty Mutual Drops a Bombshell on California Condo and Renters Insurance Market
Liberty Mutual to Exit California’s Condo and Renters Insurance Market by 2026 Liberty Mutual, the fourth-largest home insurance provider in California, has announced plans to discontinue offering new condo and rental insurance policies starting January 1, 2025. The company aims for a full exit from these markets by 2026. This decision follows a wave of insurance companies pulling back from California, citing increasing risks and market volatility. Liberty Mutual’s subsidiary, Safeco, will also cease providing these policies, leaving thousands of Californians searching for alternative insurance options. Insurance Company Background Over…
Read MoreFarmers Insurance to Gradually Reintroduce Coverage Options in California
Farmers Insurance has announced the phased return of multiple insurance lines for new customers in California, starting December 14, 2024. This move signals a notable shift in the state’s insurance market, bringing expanded coverage options that had been unavailable to new customers for over a year. This development is underpinned by improvements in the regulatory and economic environment, encouraging insurers to revisit their offerings in California. Farmers Reinstated Insurance Lines After a significant pause, Farmers Insurance is set to roll out several key coverage options that aim to alleviate gaps…
Read MoreAddressing the Skills Gap in Cyber Risk: How Insurers & Brokers Can Bridge the Divide
Cyber technology may be soaring, but with innovation comes vulnerability. With threats evolving in tandem with new technology, insurers and brokers increasingly need specialized knowledge in assessing and managing cyber risk. Acquiring this knowledge may sound easier in theory than reality. One of, if not the biggest, hurdle to overcome is bridging the significant skills gap in cybersecurity expertise. Across the insurance industry, this gap has led to challenges in effectively underwriting and communicating cyber risks for insurers. For brokers, this gap is both a challenge and an opportunity. By…
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