Tag: home insurance premiums

California Insurance Companies Pull Out, But This Rule Could Bring Them Back

Live Insurance News
California Insurance

California’s New Rules to Tackle Home Insurance Crisis with Reinsurance Costs California has unveiled a new regulation allowing home insurers to charge higher premiums to cover reinsurance costs. This decision, led by Insurance Commissioner Ricardo Lara, marks the latest step by the state to address its home insurance crisis, as insurers withdraw from high-risk wildfire areas. Here’s what you need to know about the changes and how they could reshape the state’s insurance market. What the New Reinsurance Regulation Means For the first time in California, insurers can factor reinsurance…

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Why Florida’s Housing Market Is Cooling Down Faster Than Expected

Archie Walsh
Florida's Housing Market

Florida Housing Market Experiences a Slowdown Florida’s housing market has witnessed a notable cool-down, with several metro areas experiencing a sharp decline in home sales over the past year. While Florida has been a hot spot for buyers and investors, recent trends indicate a shift in this dynamic, particularly in cities such as West Palm Beach. Home Sales Decline Across the State According to a report from real estate company Redfin, pending home sales in West Palm Beach dropped by 13.8% year over year during the four weeks ending November…

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California Insurance Commissioner Lara seeks new guidance to overcome state crisis

G. Turner
California insurance - Home insurance crisis guidance

The state is working on establishing new regulations to help the industry there recover California Insurance Commissioner Ricardo Lara has reached out to insurers in the state, telling them that they must develop ideas beyond rate hikes to overcome the current crisis in the state. Lara is simultaneously working on new state regulations According to Lara, his office and the California insurance industry are “in a forced marriage,” in which “we’re staying together for the kids.”  However, the commissioner was also able to find common ground with the Farmers Insurance…

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Mercury updates Flume Water Monitor partnership to support home insurance policyholders

Marc
Home Insurance - House leaks - partnership

The insurer hopes the collaboration will help customers to decrease the risk of water leaks US insurer Mercury has announced that it is keeping up its partnership with Flume Water Monitor to support its home insurance policyholders. This announcement was made during Fix a Leak Week Flume Water Monitor, a leading smart water loss prevention tech company, offered additional savings to Mercury’s home insurance customers throughout that week. Policyholders were offered Flume at a discount of 25 percent off. Moreover, in certain qualifying states, the insurer also gave discounts on…

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State Farm insurance company loses $6.3 billion in 2023

G. Turner
Insurance company - 2023 Loss

The insurer experienced a “significant” increase in catastrophic claims leading to the losses Last year, State Farm insurance company recorded a $6.3 billion net loss partially due to what the insurer called a “significant” rise in home insurance damage claim severity. As large as the loss was, it was smaller than what the insurer experienced in 2022 In 2022, the insurance company reported having lost a net $6.7 billion.  Still, when State Farm made its announcement about 2023, it confirmed that it was “financially strong”, as its auto coverage’s net…

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