Tag: economic impact

The Truth About Rising Insurance Costs and What It Means for Your Wallet

Ben Jones
Rising Insurance Costs

Rising Insurance Costs in High-Climate Risk Regions: Causes and Implications Insurance costs are soaring in regions with high climate risks, leaving many homeowners grappling with affordability. Driven by factors such as inflation, legal system abuse, and government rate suppression, these rising premiums are reshaping the insurance landscape. While extreme weather events are often seen as the main culprit, a deeper analysis reveals a complex web of contributing factors. The resulting instability has pushed some consumers toward government insurance programs, underscoring the need for balanced, sustainable solutions. Factors Driving Insurance Costs…

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How Extreme Weather is Reshaping Where and How We Live

Live Insurance News
How Extreme Weather is Reshaping Where and How We Live

The Push for Climate Insurance as Extreme Weather Events Rise The frequency and intensity of extreme weather events are on the rise, leaving communities around the world grappling with the aftermath of hurricanes, floods, wildfires, and droughts. Scientists link these increasingly destructive events to climate change, which is reshaping the way governments, businesses, and individuals approach risk. One of the key responses to this growing challenge is the development of climate insurance. This specialized form of coverage is designed to protect individuals and businesses from the financial impact of climate-related…

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Texas Legislature Considers Mandatory Workers Compensation Coverage for Construction Industry

Logan B.
Texas Legislature Considers Mandatory Workers Compensation Coverage

Texas Legislature Considers Mandatory Workers Compensation Coverage for Construction Industry As the Texas legislative session unfolds, lawmakers are set to debate several bills aimed at reforming the state’s workers compensation system. Of particular focus are S.B. 338 and H.B. 875, which propose making workers compensation coverage mandatory for contractors and subcontractors in the construction industry. These legislative efforts mark a significant shift in Texas, which is currently the only state in the U.S. that does not require employers to purchase workers compensation insurance. Current State of Workers Comp in Texas…

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How Rising Insurance Rates Are Squeezing California Homebuyers

Tate Ellison
California Homebuyers

California’s Home Insurance Challenges: A Growing Concern In recent years, the California real estate market has faced increasing challenges, with one of the most pressing issues being the difficulty in securing home insurance. According to a recent survey by the California Association of Realtors (CAR), the problem has intensified, impacting home sales and affecting both buyers and sellers across the state. Escrow Hurdles and Home Sales Impact The CAR survey, which included nearly 3,000 Realtors, highlighted that 13% experienced a home sale falling through due to the buyer’s inability to…

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Hurricane Helene’s Unyielding Wrath on Florida’s Insurance Market

John Bowers
Hurricane Helene in Florida

Devastating Storm Hits the Southeast Making landfall late Thursday night, Hurricane Helene unleashed its fury on Florida and extended its reach far inland to the Southeast and Appalachia. The storm’s torrential rains and fierce winds resulted in extensive flooding and property damage, marking one of the most severe weather events of the year. As the storm battered homes, it left behind a daunting trail of destruction, with early estimates suggesting up to $6 billion in private insurance losses. This catastrophic event has once again underscored the vulnerabilities within Florida’s already…

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Grapefruit-Sized Hail? Climate Change Could Bring Giant Ice Stones

Ester Adams
Grapefruit-Sized Hail

Introduction to the Giant Hailstones Study A new study published in the journal npj Climate and Atmospheric Science covered by USA Today predicts an increase in ice stones larger than two inches as a result of climate change. This situation could pose challenges for individuals with hail-damaged cars, including dents and shattered windshields, as well as for the auto insurance industry, which has been implementing record rate increases in 2024. Is there a connection between these two issues? Climate Change and Hailstone Growth The study, co-authored by Victor Gensini, an…

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New Vermont farm insurance for extreme weather proposed by senators

H. Cutner
Farm Insurance - New Law in Vermont

The increasing risk of flooding has the lawmakers looking to ways of protecting producers Following the flooding experienced by farmers in Vermont last year, a survey showed that 70 percent of them didn’t have farm insurance to cover their crops and/or livestock. Coverage wasn’t always available This wasn’t just a matter of choosing not to obtain coverage. For another 10 percent of the respondents, the type of farm insurance they would have needed didn’t exist.  This meant that only about one in every five food producers had coverage in place…

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