Tag: home insurance industry

What are kitty cat storms and what do they mean to home insurance?

Julie Campbell
kitty cat storms

These secondary weather systems are striking areas across the US, leaving damage behind While we tend to think of the most damaging weather that will impact home insurance as massive systems that take a long time to build and then stomp their way across the region, they’re not alone. Severe-convective storms are what the industry calls “secondary perils” The severe-convective storms, also known as kitty cat storms, are thunderstorms that build rapidly to the point of being large and powerful but disappear once again within a span of days or…

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Florida boosts home insurance oversight following investigation

H. Cutner
Home insurance - Investigation Florida

New legislation has been introduced after an investigation showed disaster estimate slashing. Florida Governor Ron DeSantis (R) recently signed a new law that boosts home insurance company accountability for their claims handling processes. The insurers will be required to comply with additional transparency and oversight regulations. The new law requires home insurance companies to boost their process transparency and will be subject to higher fines for legal violations. The law also provides the regulators in the state additional authority to conduct investigations into allegations of bad behavior in a market…

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Lighthouse Property to acquire Prepared Insurance of Florida

Nordstrom
Prepared Insurance of Florida - home insurance

The acquisition remains subject to official regulatory review as well as approval before it is finalized. Prepared Insurance of Florida, a domiciled P & C carrier in that state and Louisiana is to be acquired by Lighthouse Property Insurance Co. of Louisiana. This move doesn’t come as a surprise as efforts have been made for the acquisition since 2017. Lighthouse is authorized to write coverage in Louisiana as well as North Carolina, South Carolina and Texas. Prepared Insurance of Florida is authorized for writing in Florida as well Louisiana. The…

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Homeowners should expect their insurance rates to rise

Nordstrom

Many of the largest homeowners insurance providers in the country, including Travelers, Allstate, and State Farm, will be increasing their rates this year following losses in 2011 that were far greater than had been predicted by the industry. The second biggest homeowners insurance company in the United States, Allstate, has already announced that it will be boosting its rates by 5.6 percent between now and September 30, 2012. They have also indicated that policyholders should expect other increases, as well. Travelers has also discussed the increases that will be experienced…

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