The National Tornado Preparedness Summit in Oklahoma City – an event sponsored by the Oklahoma Insurance Department, the National Weather Center, and the National Association of Insurance Commissioners – is expected to draw almost 800 representatives from the insurance industry. According to the Oklahoma Farm Bureau Insurance vice president of public affairs, John Wiscaver, the harsh reality for the state is that throughout the last five years, the marketplace has faced the highest historic loss levels among all organization histories. He stated that earthquakes, hailstorms, tornadoes, and wildfires have all…
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Homeowners insurance rates continue to skyrocket
Homeowners face increasing struggles as their home values continue to fall and maintenance costs continue to climb, with a new setback consisting of significantly higher insurance payments. Insurance rates for homes have been increasing steadily over the last few years, and the Insurance Information Institute has indicated that this year is expected to continue in that trend, with a rise of about 5 percent to reach an average of $1,004. This will have been the largest annual increase since the start of the recession, and will mark the first time…
Read MoreAIG unit faces potential fines in California over management of fire claims
American International Group Inc. (AIG) subsidiary, New Hampshire Insurance Co., along with York Risk Services, its claims processing agent, are now facing citations for 125 violations connected with alleged improper handling of California wildfire related claims from 2008. According to California Department of Insurance (CDI) general counsel, Adam M. Cole, “The allegations in this case reflect a troubling lack of attention to consumer needs by New Hampshire Insurance Company.” CDI has stated that each of the various violations for which the insurer has been sited have to do with “an…
Read MoreFannie Mae takes charge on forced-place insurance, announces changing of rules
The issue of force-placed insurance has been thrust into the limelight this week by the Federal National Mortgage Association, more commonly known as Fannie Mae. Forced-placed insurance is a practice that some insurance companies and banks utilize to force homeowners to purchase expensive insurance policies. In New York, insurance regulators have been investigating the issue in the local industry. Spurred by state, federal and consumer attention, Fannie Mae has announced that it will be changing the rules concerning forced-placed insurance. For one, the government-sponsored enterprise will be overseeing forced-placed policies…
Read MoreAllstate to launch new homeowner’s insurance products throughout the U.S.
In October of last year, Allstate launched a new line of homeowner’s insurance products in Oklahoma called House & Home. The company’s initiative was met with success and now the insurer is gearing up to launch these products in various states through 2014. The products became popular amongst consumers because it provided them with a sleuth of discounts and new deductible and coverage options. The insurer has also introduced a more simplified quoting process that uses external information to fill out applications more quickly. As Allstate introduces these new insurance…
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