Consumers shopping around for better auto insurance prices

Auto insurance - Blue car

A new JD Power report shows increasing interest in usage-based policies and telematics. A rising number of consumers have been shopping around to find better prices for their auto insurance as inflation and gas prices send the cost of living skyward, says a new JD Power report. Increased costs have led many drivers to find new way to save money on their coverage. The JD Power research showed that higher gas prices and cost issues related to inflation have been sending drivers to compare rates from different auto insurance companies…

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What Is Reference Data and Why Is It Important?

what is reference data and how to use it

There is a lot of data out there, and it can be tough to keep track of it all. That’s where reference data comes in. But, what is reference data? Reference data is a set of data that provides a common point of reference for other data sets. It can be used to help organize and understand information. Keep reading to learn more about reference data and why it is important. Why is reference data important? One of the most important aspects of data governance is the management of reference data.…

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State Farm home insurance and ADT partner up for loss prevention and detection

Home insurance - ADT - Home Security

The insurer recently announced an investment of $1.2 billion into the security company. State Farm recently announced that it has invested $1.2 billion into the ADT Inc security company, for approximately 15 percent equity and a move to support new home insurance advancements. The partnership between the two companies allows the insurer to imagine new forms of coverage. By working with ADT security, State Farm will be looking into ways to innovate the home insurance experience. This could include new applications for Smart Home technology to be applied to property…

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Good Time for Agents to Look Into Long-Term Care Annuities With Equity Performance Potential

Long Term Care Annuity

It’s not news that the Dow Jones Industrial Average (DJIA) and the Standard & Poor’s 500 Index have both plummeted since the beginning of the year. Consumers are understandably worried. Financial advisors and insurance agents are fielding calls from clients concerned about what’s to come. When financial markets decline and uncertainty pervades, it is logical the consumers are wary about big ticket purchases. And, admittedly, long-term care insurance today can be considered one of those big-ticket purchases. LTC is a ‘should have’ rather than a ‘must-have’ purchase. When stock markets…

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GHSA study points to higher road safety risks on rural roads

Road safety - Car Crash

The research report showed that crashes on rural roads are disproportionately deadly. Though many of us tend to think of road safety risks as being highest in urban areas where there is the most traffic, a new Governors Highway Safety Association (GHSA) report has shown that urban crashes aren’t nearly as deadly as those on rural roads. The GHSA study was funded by State Farm and examined the issue of fatalities on rural roads. The road safety risks are notably higher on rural roads than most Americans think. Though only…

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Inflation sends Illinois auto insurance higher by as much as 30 percent

Auto insurance - Inflation sign

Drivers can still find opportunities for savings if they compare plans and watch for discounts. Motorists in Illinois can expect to be paying auto insurance premiums that are as much as 30 percent higher next year than they were this year as a result of inflation. Many drivers are seeking ways to save money by comparing quotes and spotting discounts. With expenses rising on all fronts due to inflation, consumers are struggling to make ends meet while still battling with ongoing pandemic-related supply chain issues. Therefore, at the same time…

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Regulators consider removing Florida Citizens Insurance $700K policy cap

Citizens Insurance - Policies Binder

The issue of the cap has pulled a notable amount of attention from counties with high-value home. As Florida homeowners continue to struggle to obtain coverage, industry regulators are now considering the removal of a $700,000 cap on Citizens Insurance policies. The insurer of last result is not legally permitted to cover more than $700K of a “replacement cost”. The only exception to that Citizens Insurance replacement cost limit is in Miami-Dade and Monroe counties, where there is a $1 million cap instead. The issue is that the home coverage…

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