Live Insurance News

State Farm Seeks Major Rate Increase in California

July 8, 2024July 8, 2024 Live Insurance News

State Farm, California’s largest insurer, is proposing sizable rate increases for its residential insurance policies in the state, potentially impacting millions of homeowners and renters. The company has filed for a 30% rate hike for its homeowners’ insurance, a 52% increase for renters, and a 36% escalation for condominium owners. This marks the third major change for State Farm in California within a year. State Farm’s Justification In a statement, State Farm indicated that these rate increases are necessary for the long-term sustainability of its California subsidiary, State Farm General.…

Mortgage insurance no longer offered to condo developers by CMHC

June 10, 2014June 9, 2014 H. Cutner

The Canada Mortgage and Housing Corp. has announced that this coverage will no longer be available. A recent statement from the Canada Mortgage and Housing Corporation (CMHC) has revealed that the organization will no longer be providing mortgage insurance to condo developers in order to assist in financing new building construction. This doesn’t come as very much of a surprise to many in the insurance industry. The reason that many are simply shrugging their shoulders at the decision by the Crown corporation is that it hasn’t actually offered any of…

Simple tips to save on condo insurance

April 29, 2012April 30, 2013

Proper condo insurance coverage is important, but the premiums can be minimized with the right efforts. When you have purchased a new home, condo insurance can help to make sure that your investment is effectively protected against unforeseen circumstances, but this doesn’t mean that you need to pay the highest premiums. There are many quick and easy things that you can do to minimize your payments while still receiving the appropriate amount of coverage. Start by taking out two different condo insurance policies. The first will be your own insurance…

Catastrophic tornados trample the South and Midwest, claiming 33 lives

March 5, 2012 S.Vagus

An outbreak of deadly and devastating tornadoes wrought havoc in many Southern and Midwest states over the weekend. The disasters began on Friday last week. The tornadoes struck a major blow to four states: Kentucky, Indiana, Ohio and Alabama. The people in these states had little warning of the storms, which manifested at an alarmingly fast pace. The tornadoes quickly grew in intensity and caused a significant amount of damage to everything in their path. When the winds finally calmed after hours of fury, approximately 33 people were found dead.…

2012 tornado season could be as active as the now notorious 2011

February 22, 2012May 5, 2013

Last year, the U.S. was subject to an unnaturally active tornado season. The season spawned outbreaks of violent windstorms and powerful tornados that cut a path of destruction through much of the mid and mid-eastern states. Last year saw a total of 1,709 tornadoes touched down in the U.S. While this is well short of the 1,817 that formed in 2004, these tornados were far more destructive and widespread. Indeed, 2011 was one of the most disastrous years in recent history, so much such that the insurance industry was hoping…