California Insurance Commissioner Lara seeks new guidance to overcome state crisis

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

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

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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Home insurance companies remind customers to use these tips to avoid claims

Home insurance - Tips for Consumers

Weather-related claims are high at this time of year, but insurers hope prevention will help. Though springtime is still a few weeks away, the fluctuation of weather between winter and spring trends can cause issues that lead to damage and therefore home insurance claims. With the addition of extreme weather events, this time of year can be particularly damaging. Home insurance companies have been releasing tips to customers in the hopes that a bit of prevention will go a long way in reducing the risk of damage from the types…

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Insurance rates countrywide could be impacted by extreme weather trends

Insurance rates Rise - Extreme Weather

Millions of people across the country are already facing higher rates due to natural disaster risks. Across the United States, millions of homeowners have been watching their insurance rates climb in recent years due to the spiking risk of high winds, floods and wildfires, said a new analysis. Around 12 million US properties could see increases to their premiums due to flood risk alone. Almost 24 million properties will experience higher insurance rates because of the risk of wind damage, and about 4.4 million property owners will need to pay…

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