As of this week, homeowners in Georgia now have access to Home Value Protection, which is the only insurance product available in the United States that will protect homeowners from the potentially financially crippling effect of the falling home prices. This form of insurance coverage provides the owners of a home with protection for the market value of their home so that their equity is covered in the case that housing prices continue to fall – a serious issue within that state since the middle of 2006. This is the…
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Tornadoes and storms in Oklahoma create difficult insurance marketplace for consumers and companies alike
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…
Read MoreHomeowners 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 MoreFlorida lawmakers attempt to manage problematic and controversial solution to Citizens Property Insurance problem
In Florida, lawmakers have been working on fixing the problems of the state-run Citizens Property Insurance Corp. Their efforts have yielded few results and now legislation that could help the program recover from its massive debt has hit a roadblock. Legislators have mostly been focused on reducing the number of people receiving coverage from Citizens by having private insurance companies take on more policies. The Legislature has approved an amendment to the bill that would have accomplished this, House Bill 245, which makes transferring policies more difficult. Now, insurers must…
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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