The state is facing problems that have been compared to the coverage crisis in Florida. As has been the case in Florida’s market, Louisiana home insurance struggles are leaving thousands of residents of the state wondering how to find coverage. The need is becoming particularly urgent as the US predicts a busy Atlantic hurricane season. Meteorologists have been warning that the Atlantic hurricane season will be an active on this year. With theses risks ahead, a number of Louisiana home insurance companies have withdrawn from the market, just as has…
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Citizens greenlit for hiking homeowner insurance rates 6.4 precent
Florida’s insurer of last resort received the approval for the increase after requesting 10.7 percent. Citizens customers are bracing for a homeowner insurance rates increase as high as almost 11 percent, which will become effective as of September 1, 2022. This, according to the Florida Office of Insurance Regulation (OIR) after the insurer received approval to increase premiums by an average of 6.4 percent across the state. The state-run corporation currently provides coverage for over 800,000 homes throughout Florida. As private insurers flee from the state’s marketplace, which is frequently…
Read MoreHomeowners’ insurance customers reminded of bear risk
North American species have learned that places humans inhabit are areas where food can be found. The United States is home to a spectrum of types of bears as well as their subspecies, and homeowners insurance customers are reminded that these animals are dangerous and can cause substantial property damage. The American Black Bear alone is distributed throughout the country with 16 different subspecies. The overall population of the American Black Bear is as high as 900,000, primarily found in forested and mountainous parts of the country. When they’re living…
Read MoreHomeowners insurance companies impacted by late home buying trend from Millennials
The change in trends between generations is leading to challenges for coverage providers. The results of new research have found that Millennials and the youngest of the Gen X generation have experienced substantial delays in buying homes, and this trend is affecting homeowners insurance companies. This trend has been made only worse by the trends in out-of-state migration from those same generations. Those trends toward migrations out of state are driven in part by the COVID-19 pandemic. That behavior is posing a risk to homeowners insurance companies. These, among other…
Read MoreFlorida Citizens Insurance rates might be climbing higher soon
The insurer of last resort might become less affordable to people across the state. Homeowners in Florida could soon find that even insuring themselves with Citizens Insurance, the last resort coverage in the state, will lead to higher premiums. The state’s battered homeowners market is forcing policies into the state-backed insurer’s hands. As a growing number of homeowners leave Florida or find themselves in liquidation, many property owners find that they don’t have a choice other than to turn to Citizens Insurance for coverage. This has left the insurer covering…
Read More5 Types of Insurance and Why You May Need Them
Life has a way of throwing the unexpected at you at the worst possible time. This is where insurance comes in. When you’re paying your premiums, you may wonder sometimes whether it’s worthwhile, but when those emergencies happen, it all becomes worthwhile. The rest of the time, simply having the right policy can be important for your peace of mind. Below are a few of the types you may want to consider. Treatment Abroad Everyone knows that you need health insurance, but this can still mean high medical costs. For…
Read MoreNew California homeowners’ insurance and home hardening bill introduced
The legislation would require mandatory policy issuance and create a residential grant program. A new California homeowners insurance bill was introduced by Assemblymember Marc Levine (D-Marin County) to require mandatory issuance of policies. It would also form a new grant program for residential home hardening for properties in areas with a sizeable wildfire risk. Assembly Bill 1755 would require insurers to provide coverage to customers that have hardened their property. Assembly Bill 1755 would require that California homeowners’ insurance companies must issue a policy to property owners in the state…
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