high risk homeowners insurance Archives

Homeowners insurance program created for Alabama coastal residents

May 1, 2013April 30, 2013 Marc

New coverage now available for homes in these regions requiring wind and flood protection. Residents of the coastline in Alabama have been struggling for many years to be able to find high quality comprehensive homeowners insurance that also provides them with protection against wind and flooding. A new program has now been introduced, uniquely within this industry, in order to assist these residents. Homeowners insurance customers in Mobile and Baldwin counties, for example, have struggled to obtain this coverage at an affordable price due to the increased risk that is…

Not Happy With Homeowners Insurance – How to Compare Quotes

March 3, 2013April 21, 2014 Guest Author

If you’re looking for homeowners insurance, you have to shop around first. Getting the best deal and the best coverage both depend on comparison shopping. It’s easy, just as long as you know where to start. Go With What You Have As you begin looking for homeowners insurance, stick with what you know. Talk to the company that carries your car insurance first, to see if they have any viable options or recommendations. They might even offer bundling opportunities. If you rent your home, then the company carrying your renters…

Maryland court sides with Allstate’s decision to not write new policies for coastal properties

February 2, 2012February 2, 2012 S.Vagus

Maryland’s highest court has sided with Allstate this week in a case regarding the insurer’s move to stop writing new homeowners policies in coastal regions. The case emerged in 2007 when the insurer chose to step away from the coastal market due to the potential for natural disasters. The insurer’s move was spurred by a catastrophe model that suggested that losses in these regions as a result to hurricanes or other storms could be gargantuan. The Maryland Court of Appeals chose to uphold the rulings of lower courts, agreeing that…

Higher insurance and reinsurance prices may be linked to new RMS catastrophe model

December 19, 2011 Marc

State Farm customers in northeastern Louisiana may soon be paying more for their homeowners insurance as the company looks to state regulators for approval of a rate increase of 19.5%. The insurer claims that higher rates are the result of recent fires, tornados and other natural disasters occurring in the state. Insurance Commissioner Jim Donelon says that he has never before experienced such a steep increase in insurance rates, especially in the northern part of the states that are not often subject to such rate increases. The rate at which…

Private insurance companies to begin participating in Louisiana’s Citizens Property Insurance Corp

November 28, 2011 Marc

Private insurers are getting ready to start taking over Louisiana’s Citizens Property Insurance Corp. The state-run insurance agency has fared well in the past four years, experiencing periods of growth throughout 2007 and 2008. The state’s Department of Insurance is looking to “depopulate” the program, however, in an attempt to lower insurance rates for the majority of policyholders. To this end, regulators are inviting private insurance companies to begin selling policies through Citizens. Regulators believe that these policies will bring higher quality service to consumers. Part of the success behind…