homeowners insurance company Archives

California Insurance Commissioner granted greater homeowners coverage authority

February 7, 2017February 5, 2017 G. Turner

The state’s Supreme Court ruled that the legislature gave California power to make certain specifications. The California Insurance Commissioner has the authority to decide which factors must be covered by homeowners insurance replacement cost estimate tools, says a state Supreme Court ruling. This will allow the commissioner to say what estimate tools home insurance companies are permitted to use. The decision updated a law from 2011 which was meant to help to reduce the ongoing underinsurance problem in the state. The original issue became truly problematic in 1991 when the…

Citizens launches new initiative to shed homeowners insurance policies

January 31, 2014January 28, 2014 S.Vagus

Florida homeowners insurance, Citizens Property

New initiative may help Citizens send policies to private companies Florida’s Citizens Property Insurance has launched a new initiative that is designed to further depopulate itself of costly homeowners insurance policies. The state-run insurer had been suffering from serious financial issues in the past, which are associated with the state’s exposure to natural disaster and the disasters that had visited the state in the past. Citizens has overcome many of its past issues, but is still working to shed policies and the organization is encouraging policyholders to find coverage from…

Homeowners insurance customers at Citizens to pay 6.3 percent more

September 13, 2013September 10, 2013 G. Turner

A rate hike was just approved for the property coverage in Florida for the state backed insurer. Next year, homeowners insurance customers who remain with Citizens Property Insurance Corp. in Florida will see an average increase in their rates by 6.3 percent following the approval that was just received for the change. The Office of Insurance Regulation gave its approval of this rate, which was lower than the original request. The initial proposal for the homeowners insurance rate hike at Citizens had been 7.9 percent. The comparatively lower increase will…

Homeowners insurance choices faced by many Florida policyholders

September 12, 2013September 9, 2013 Julie Campbell

Considerable decisions are ahead in the state as Citizens divests itself of a massive number of policies. Within the next month, there will be almost 400,000 people in Florida who currently have homeowners insurance coverage through Citizens Property Insurance Corp., and who will be receiving notice in the mail from another insurer to advise the policyholders that their coverage will be transferred over to that new company by November 5, 2013. At that point, the policyholders will need to make one of two choices that will be available to them.…

It’s a race to find Homeowners insurance for your new home

September 7, 2013April 17, 2014 Kirk Chivas

It’s usually last on your list of things to think about when your offer on the new home gets accepted; locking down the homeowner’s insurance company you are going to use and securing the policy. An experienced mortgage broker will insist you get started on picking the insurance carrier as soon as your offer gets accepted. What’s the big rush? You are thinking that the closing will not take place for 3-4 weeks so you have plenty of time to shop around and get it done. Why do I have…

Homeowners insurance customers in Florida receive explanation for cost hikes

August 15, 2013August 13, 2013 H. Cutner

The commissioner in the state has released a statement to property owners to explain the rates. The homeowners insurance head in Florida has released a statement that has said that there is a reason that the cost of coverage has not been falling despite the fact that one of the biggest expenses typically faced by insurers is now an area in which they are saving money. In fact, the commissioner went on to caution that the rates for this coverage may continue to rise. As some homeowners insurance companies have…

Homeowners insurance reminder issued by State Farm about multiple claims

August 14, 2013August 12, 2013 H. Cutner

homeowners insurance policy multiple claims

The insurer released this statement because many policyholders feel it should work like a bank account. State Farm has issued a reminder to homeowners insurance policyholders to help them to keep in mind that a policy is not the same as a bank account, so the premiums being paid are not an amount that is being amassed so that it will be guaranteed to be available later on. The statement was made in response to many policyholders’ shock when it didn’t function as a savings account. This has become quite…