Natural disaster damage sends homeowners insurance rates skyward

Natural Disaster Damage - Tornado destruction

Insured losses resulting from claims relating to Mother Nature have been climbing sharply. Natural disaster damage has been sending homeowners insurance claims upward and, as a result, it has meant that rates for policies have been rising, too. A new analysis showed that severe storms and other catastrophes are becoming more common. Over the last ten years, natural disaster damage has become more commonplace and more expensive for homeowners and insurers. According to a new analysis, this is causing home insurance rates to head sky high. The analysis was done…

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Allstate spikes Illinois homeowners insurance rates for almost 200K policyholders

Illinois Homeowners Insurance Rates - neighborhood of houses

The second largest home insurer in the state is raising rates by 8 percent in early 2020. Allstate will be increasing its Illinois homeowners insurance rates by the largest amount the state has seen in several years. By early next year, policyholders will be paying an average of 8 percent more for their coverage than they are this year. The Illinois Department of Insurance announced the rate hike in a filing they issued on Halloween. Allstate is the second largest home insurance provider in the state. It has just about…

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California wildfire insurance rates are heading skyward

california wildfire insurance - Homeowners insurance reforms

In southern parts of the state, residents have been watching their premiums rise due to the fires. Dozens of Southern Californians are threatened by forest fires and at the same time as they worry for their homes, they are watching their California wildfire insurance premiums skyrocket. Many houses have already been damaged – or nearly damaged – which can be enough to affect premiums. That said, it’s important to note that wildfire insurance won’t automatically spike right away. The odds are that California wildfire insurance rates will rise. This is…

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Homeowners insurance may be getting pricier for those affected by Storm Desmond

UK Flood homeowners Insurance companies Flood Re Plan

Residents of parts of the U.K. that suffered from flooding may soon be seeing higher premiums, too. People living in the parts of Cumbria in the United Kingdom, which have been stricken by flooding following Storm Desmond may soon have further unwanted news as it is expected that homeowners insurance rates will likely rise in that area as a result of the losses that were recorded. As of yet, it is too early to predict exactly how much the storm will be costing the insurance industry. In the U.K., an…

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Massachusetts lawmaker aims to stop homeowners insurance rate increases

Massachusetts homeowners Insurance

After the losses from last winter that were greater than $1 billion, insurers have received approval for hikes. Although a decision has already been made to approve the homeowners insurance rates hikes that were requested by some of the top insurers in Massachusetts, the chairman of the Division of Insurance state Senate committee is now seeking to have that decision reconsidered by opening hearings to determine if those increases are truly justified. This is focused primarily on the rate increases approved for two of the largest insurers in the state.…

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