Insurers seek to “share the risk” with communities with a higher chance of wildfires

Insurance news – Can industry and consumers find a common ground Insurance companies have announced their hopes to “share the risk” of wildfires with the communities and homeowners located within wild land-urban interface areas. A Rocky Mountain Insurance Information Association presentation outlined the details of the fact that insurance companies are not as willing to provide or renew insurance to customers who are at a high risk of wildfires. As stated by a New Mexico-based State Farm Fire and Casualty Insurance Company official, Matt Brenner, “Why should homeowners be interested…

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Indiana homeowners now have access to home value protection insurance

For the first time, Indiana homeowners will be able to purchase a form of insurance that protects them from losses in their home value due to shifts in the housing marketplace. This Home Value Protection insurance is available in Indiana as of this week and is the only form of American policy that helps to reduce the risk of homeownership due to swings in the housing market. Homeowners who purchase this policy will have the peace of mind of knowing that the market value of their largest financial asset is…

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Do your possessions in storage require insurance coverage?

No matter where you may be keeping your belongings – whether it’s in your parents basement or garage, or in a public storage unit – making sure that you have the proper insurance coverage for those items should be considered a necessity if they are of any financial value or if it would cost money to replace them. The Insurance Information Institute recommends that if an item is worth paying for its storage, then it is worth the cost of its coverage. The first thing that you should do is…

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Tips for getting your home ready for the upcoming spring storms

The spring storms are on their way, and if there’s anything that could be learned from the record breaking natural events that occurred last year, it was that it’s very important to be prepared for their arrival. Though there’s nothing that you can do to stop the storms, there are a few precautions that you can take to give you some peace of mind when the big storm strikes. As a reminder, Spring Severe Weather Awareness Week is running from March 25 to March 30, spreading the word about the…

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Hartford Financial Services Group to focus on P&C insurance and group benefits

Hartford Financial Services Group (HIG) has announced that it will be leaving its annuity business in order to concentrate on its property and casualty insurance and group benefits businesses, as well as its mutual funds business. This announcement follows closely behind the advice that had been offered in February by John Paulson, a hedge fund manager, when he encouraged Hartford to spin off its business for property and casualty insurance. Hartford’s response had been that it would look over the plan that had been submitted by Paulson, but cautioned that…

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Many U.K. homeowners may not be able to obtain flood insurance by 2014

The Association of British Insurers (ABI) has made an announcement that indicates that approximately 200,000 homes throughout the United Kingdom that are at a high risk of flooding might not be able to obtain flood insurance coverage beyond 2014. This announcement came close on the heels of widespread predictions that the government may not be able to come up with the necessary funds for building the required flood-control infrastructure, despite the fact that climate change is causing water and sea levels to continually rise. Some have suggested that many homeowners…

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Insurance payout judgment faces another delay

Louisiana Citizens Property Insurance Corp. policyholders have faced another block from a state of appeals court, which has halted their ability to collect over $100 million from the insurer’s failure to process the 2005 hurricane claims within a reasonable time frame. According to the chief executive officer at Citizens, Richard Robertson, a temporary order was issued by the 5th Circuit Court of Appeal, prohibiting the attorneys of the plaintiff from being able to perform a funds seizure from the insurance company’s accounts. There will be a later decision by the…

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