Live Insurance News

Will this season underscore the importance of hurricane insurance

September 1, 2022August 31, 2022 Nordstrom

Hurricane insurance - Hurricane Ahead Sign in water

This weekend presents a reminder of the importance of obtaining coverage before storms happen. Hurricane insurance is once again in the spotlight as the upcoming long weekend is expected to include the naming of two Atlantic storms as the season approaches its peak. This serves as a reminder of how important it is to have the right coverage in place at this time of year. This season has seemed exceptionally quiet, without a named storm having occurred by the start of September. That said, it is far from over and…

Some Oregon home policy rates to rise due to wildfire insurance risk

August 8, 2022August 5, 2022 Marc

Wildfire insurance - Oregon Sign - Home Insurance - Fire

The state recently published a map to show which properties are at the highest and extreme level risks. After the catastrophic season in 2020, Oregon has moved ahead with strategies to advise people as to whether they are living in vulnerable areas, in a move that might send home wildfire insurance rates upward. While people did want to now if their properties were at an extreme risk of blazes during the summertime. While the new maps have been seen as informative and helpful, certain homeowners, particularly those in rural parts…

Will stopgap measure dig Florida home insurance market out of crisis?

August 1, 2022July 30, 2022 Marc

Florida home insurance - Home in Florida

Regulators have announced a plan using Citizens to avoid consequences of financial ratings agency downgrades. Regulators have announced that they will be using Citizens as a part of a Florida home insurance stopgap plan in the hopes of avoiding the ramifications of financial ratings agency downgrades across several property insurers. The plan is meant to provide a temporary fix, making sure residents will maintain their coverage. The Florida home insurance stopgap plan will use the state’s insurer of last resort, Citizens, as a financial backstop. The insurer will take on…

Louisiana home insurance coverage at risk as Atlantic hurricane season picks up

July 6, 2022July 5, 2022 G. Turner

Louisiana home insurance - Hurricane Season

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…

Citizens greenlit for hiking homeowner insurance rates 6.4 precent

July 1, 2022July 1, 2022 Logan B.

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…