Tag: Homeowners Insurance

Insurance News – Stormy Debate Surrounds Louisiana’s State Reinsurance Proposal

Tate Ellison
Louisiana's Proposed State Reinsurance Program

Industry Pushes Back Against Louisiana’s Proposed State Reinsurance Program A new Louisiana bill aiming to establish a state-backed catastrophe reinsurance program is sparking heated debate between lawmakers and industry leaders. Proponents believe the fund, supported by state-issued bonds, could stabilize the state’s fragile insurance market amidst escalating climate risks. Critics, however, argue it might backfire, shifting costs rather than solving the deeper issues. The proposed program would serve as a financial safety net for insurers, designed to absorb some of the catastrophic losses from hurricanes and other disasters. Advocates point…

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From Crisis to Solution: How AB 226 Aims to Transform Wildfire Insurance

H. Cutner
Wildfire Insurance

California Moves to Reinforce FAIR Plan Stability Amid Wildfire Challenges California lawmakers are taking bold steps to protect homeowners and address the state’s wildfire-induced insurance crisis. At the center of these efforts is Assembly Bill (AB) 226, also known as the FAIR Plan Stabilization Act, designed to bolster the state’s insurer of last resort. With unanimous support in the Assembly and growing momentum in the Senate, this bill holds promise for easing the financial strain on an increasingly overburdened insurance market. FAIR Plan’s Crucial Role in High-Risk Areas The FAIR…

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The Intersection of Mortgage Insurance and Property Insurance in Today’s Housing Market

Ester Adams
Mortgage Insurance and Property Insurance

Understanding Mortgage Insurance and Property Insurance If you’ve purchased a home or plan to, understanding the different types of insurance tied to it is crucial. Two key types are mortgage insurance and property insurance, but they serve very different purposes. Mortgage insurance protects lenders in case a borrower defaults on their home loan. It’s usually required when the down payment is less than 20%. The cost of mortgage insurance is based on the value of the property. For example, a more expensive home will generally result in higher mortgage insurance…

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Could Unbundling Save You Money? What Texas Insurance Bill Says

Anna Cruise
Texas Insurance Bill

Texas Debates Mandatory Insurance Bundling as Senate Bill 213 Gains Momentum Texas lawmakers, regulators, and consumer advocates are deep in discussions over the controversial practice of insurance bundling. At the heart of the debate is Senate Bill 213, introduced by State Senator Royce West, which seeks to make it illegal for insurance companies to require customers to bundle their home and auto insurance policies with the same provider as a condition for coverage. This pushback against mandatory bundling comes amid growing concerns from policyholders and consumer groups who argue that…

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Liberty Mutual to Refund Louisiana Homeowners Over Assessment Overcharges

H. Cutner
Liberty Mutual refund

Why Louisiana Homeowners Deserve Answers If you’re one of the 138,000 Louisiana residents insured by Liberty Mutual, you may soon see a small refund coming your way. For four years, the insurance giant overcharged policyholders for the Louisiana Citizens Property Insurance Corp. assessment. This surcharge is intended to help homeowners who cannot find coverage on the private insurance market due to natural disaster risks, but errors in Liberty Mutual’s calculations left many consumers paying more than they should have. The overcharges, which total about $4 million, might not break the…

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California’s Insurance Dilemma Deepens Amid State Farm Rate Hike Drama

Angela Linders
State Farm Logo on Building

How a Video and a Rate Hike Request Could Reshape California’s Insurance Market State Farm is under fire after a Consumer Watchdog letter to California Insurance Commissioner Ricardo Lara put the spotlight on controversial tactics allegedly used to justify a proposed emergency 22% rate hike. At the heart of the controversy is a video recording of Haden Kirkpatrick, State Farm’s Vice President of Innovation and Venture Capital, whose candid comments stirred public concern and prompted his dismissal from the company. Captured on Camera: A Rare Glimpse Behind Closed Doors The…

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Connecticut’s Proposed Dog Breed Insurance Bill Sparks Debate

Live Insurance News
Dog Breed Insurance Bill

Lawmakers in Connecticut are pushing for a new bill that could change how insurance companies treat homeowners and renters with dogs. This legislation seeks to address a long-standing concern among dog owners—discrimination based on their pet’s breed. If passed, the law would prohibit insurance companies from penalizing policyholders or altering premiums solely because of the breed of dog on the property. It also includes protections for service animals in training, offering a broader scope of fairness for dog owners across the state. Breaking Down the Proposed Insurance Bill The bill,…

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