On the whole, the cost of coverage will rise sharply, but homeowners in poorer neighborhoods will pay less. A new QuoteWizard study showed that changes to US flood insurance rates will be rising by an average of about 77 percent across all policyholders. That said, homeowners living in less affluent neighborhoods will see a reduction in the amount they pay for their coverage. The study was conducted by the Lending Tree financial services provider’s QuoteWizard unit. To complete this study, the unit reviewed the price changes for the approximately 5…
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Homeowners insurance self-service apps are changing the game
Consumers enjoy the shopping experience and the chance to reduce costs, but not all features are replaced. Self-serve homeowners insurance apps can help consumers and insurers alike to cut costs, and can create a shopping experience people enjoy, but while they are shaking up the industry, they haven’t yet reached the point that they can do everything. The manual claims process continues to exist even as applications increase available features. According to a recent LexisNexis Risk Solutions study, 93 percent – the vast majority – of homeowners insurance companies feel…
Read MoreHomeowners insurance surcharges may be reduced in Florida
Florida Hurricane Catastrophe Fund remains financially strong, which may be a benefit for homeowners New estimates approved for the Florida Hurricane Catastrophe Fund show that it remains strong. The fund was established to help private insurance companies to help pay claims that they receive in the wake of a hurricane. The fund has been put to the test over the years and some have questioned its financially capabilities. Private insurers face significant risks in the Florida market due to the state’s exposure to natural disasters, but the fund remains financially…
Read MoreFlorida homeowners insurance rates are highest in the US
Florida continues to have trouble with insurance rates Homeowners in Florida are no strangers to high insurance rates. Homeowners insurance premiums throughout the state have often drawn criticism for being quite high and on the verge of being uncontrolled. A new report from the National Association of Insurance Commissioners aims to shed some light on the issue by comparing Florida homeowners insurance rates with those found in other states. Notably, other states that have experienced more natural disasters than Florida in recent years have lower insurance rates by comparison. Report…
Read MoreHomeowners insurance group having trouble with depopulation
Citizens Property Insurance is shedding homeowners insurance policies slowly Florida’s Citizens Property Insurance has been working to depopulate itself over the past year and a half. The state-run organization is typically the last and best place for people in Florida to find homeowners insurance coverage, but the organization itself has been crippled by financial problems for the past several years. Citizens Property Insurance exists as a major financial liability for the state, which is why the organization has been forced by lawmakers to shed policies. This endeavor, however, has been…
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