Hurricane Ida moratorium on homeowners’ insurance cancellations comes to an end

Homeowners insurance

Insurers can now choose cancellation or non-renewal for coverage in southeast Louisiana. This week, homeowners’ insurance companies can choose to cancel or non-renew coverage for policyholders in southeast Louisiana, after Hurricane Ida protections expired on Sunday. The state insurance regulator chose not to extend the emergency protections put into place before Ida. Louisiana Insurance Commissioner Jim Donelon invoked Emergency Rule 47 on August 26. It stopped homeowners’ insurance companies from being able to cease or interrupt coverage, even in the case of premium non-payment. This protection applied to policyholders living…

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California agricultural insurance to see raise in policy limits

Agricultural insurance - Farm

Commissioner Ricardo Lara has ordered what will be the first coverage limit increase in 25 years. California Insurance Commissioner Ricardo Lara has ordered the first agricultural insurance limit increase in fire-prone areas in a quarter of a century. Lara determined that the order was necessary in order to meet the current wildfire risk and rising cost of repairs. The increase in the agricultural insurance limits is approximately 90 percent higher than the limits in the California Fair Access to Insurance Requirements (FAIR) plan, which is the last-resort program for property…

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Policyholders will pay 77 percent more in flood insurance rates, says study

Flood insurance rates - money in water

On the whole, the cost of coverage will rise sharply, but homeowners in poorer neighborhoods will pay less. A new QuoteWizard study showed that changes to US flood insurance rates will be rising by an average of about 77 percent across all policyholders. That said, homeowners living in less affluent neighborhoods will see a reduction in the amount they pay for their coverage. The study was conducted by the Lending Tree financial services provider’s QuoteWizard unit. To complete this study, the unit reviewed the price changes for the approximately 5…

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Many South Lake Tahoe residents can apply home flame retardant with insurer help

Home flame retardant - South Lake Tahoe

Several insurance companies are hoping to support their customers with fire prevention spray. South Lake Tahoe residents in many neighborhoods threatened by the Caldor Fire have been watching trucks driving around offering home flame retardant spray. The All-Risk Shield product is being offered as additional exterior protection against wildfires. The company’s crew members are applying the home flame retardant product on the vegetation surrounding the homes to help reduce the risk of flames traveling to structures such as houses and garages. Moreover, the service isn’t paid entirely out-of-pocket by the…

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New York state pushes insurance companies to provide faster storm claim response

Insurance companies - Home Insurance Claim

The remnants of Hurricane Ida brought record-breaking rain, flooding large parts of NYC. Insurance companies are braced for a massive wave of claims in New York following record-breaking rains left behind by the remnants of Hurricane Ida. State officials are calling for insurers to step up their processing, to help flood victims to recover more quickly from the damage they suffered. Large areas of New York City were submerged by the massive rainfall that came on fast. The New York State Department of Financial Services, which regulates insurance companies in…

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Allstate and USAA to provide insurance coverage for additional Ida expenses in Louisiana

Insurance coverage - Hurricane Evacuation Route

The two large insurers have responded to a call made by President Joe Biden for living costs. Allstate and USAA have responded to President Joe Biden’s call to insurers to provide additional insurance coverage in Louisiana for policyholders in the state affected by Hurricane Ida. The additional assistance is meant to help customers evacuated from their homes without specific orders. The insurance coverage is being extended to Louisiana residents who were evacuated from their homes ahead of the storm without being under specific mandatory evacuation orders. President Biden called for…

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California Insurance Commissioner Ricardo Lara issues notices to insurers over wildfires

California insurance commissioner - Notice Insurance

Insurers have been advised to cease their cancellations and non-renewals in wildfire affected communities. California Insurance Commissioner Ricardo Lara has issued notices to homeowners’ insurance companies regarding the cessation of cancellations and non-renewals in communities suffering wildfire emergencies. Lara’s notices have advised insurers to stop such behaviors or risk violating Californian law. The notices from the California Insurance Commissioner have to do with homeowners and renters’ policies in communities located near the state’s many major wildfires. Those communities will be identified by state Governor Gavin Newsom in emergency declarations. According…

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