A new study from NAPCO LLC, a wholesale broker of commercial property insurance coverage, suggests that the national catastrophe property market is quickly moving away from the soft market conditions that have governed insurance prices for several years. While this is typically good news for some insurers, the study shows that a low demand for insurance coverage may restrict the pricing power of insurers. David Pagoumian, CEO of NAPCO, says that property insurers are under heavy pressure to make profits in the current climate and may face even greater pressures…
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What consumers should know about buying earthquake insurance
The number of earthquakes in states that are not known for tremors – such as the recent 5.6 point quake in Oklahoma and the earthquakes in Colorado and Virginia this summer – have underlined the fact that flooding, severe weather, and fires are not the only types of natural disaster that can cause damage to a home, no matter where you live. Though California is the state that is at the highest risk of earthquakes, and it is also long overdue for another major tremor, states that consider quakes to…
Read MoreOklahoma quake changes the way people think about insurance
Following the earthquake in Oklahoma many people have opened their eyes to the type of coverage that they do – and do not – have for their homes and belongings. What they’re discovering, far more often than not, is that their insurance coverage does not extend to the type of damage that would result from a quake. Typical renters’, homeowners’ and commercial insurance will not offer protection for a structure or the possessions it contains, should they be damaged in an earthquake. The residents of Oklahoma are asking questions about…
Read MoreWells Fargo launches new insurance program targeting low-income families
Wells Fargo has partnered with the National Affordable Housing Management Association to launch a new line of insurance that seeks to meet the needs of those looking for affordable housing options. The Multifamily Affordable Housing Insurance Program aims to placate the risks associated with certain development projects that can keep families from finding appropriate housing. The program is comprised of a number of insurance providers, Wells Fargo included, to help mitigate these risks. The program will make use of a federal subsidy, which will be applied to low-income families to…
Read MoreOklahoma quake highlights the importance of earthquake insurance
Residents of Oklahoma were surprised Saturday when the state was rocked by a 5.6-magnitude earthquake. The quake caused a significant amount of damage in the state, which is still recovering from a spat of devastating tornados that tore through Oklahoma in August. State insurers have yet to release estimates regarding the cost of damages, but it is clear that the quake caused some damage to homes and businesses in Northern Oklahoma. The quake has been called a once-in-a-century event, though another 5.8 quake struck the state in August of this…
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