homeowners insurance coverage Archives

Louisiana Governor Landry signs property insurance package

May 17, 2024May 16, 2024 Logan B.

The package was backed by Louisiana Insurance Commissioner Tim Temple Louisiana Governor Jeff Landry has now signed into law a property insurance package that had the strong backing of the state’s Insurance Commissioner Tim Temple. The goal of the measure is to help the state overcome its current coverage crisis. The package is meant to make the state’s market more industry friendly Four bills were signed by Landry in the hopes of benefitting the property insurance industry by granting new freedoms for raising customer rates, canceling policies, and facing fewer…

One in 10 US homes aren’t covered by property insurance

November 21, 2023November 20, 2023 H. Cutner

Though most homes have coverage, there are still many that remain entirely uninsured. The majority of US homes are covered by property insurance, but there has been a trend causing homeowners to drop their coverage, placing themselves at substantial financial risk. The Insurance Information Institute reports that as of 2023, 88 percent of homes in the US are covered. That said, this figure means that 12 percent of US homes are not protected by property insurance. Moreover, that number has more than doubled since 2014, when it was only 5…

California market loses yet another homeowners insurance company

November 20, 2023November 19, 2023 Marc

The state has been struggling with a rapidly shrinking market due to considerable challenges. California is losing yet another homeowners insurance company from its market as a company owned by the second largest home insurer in the state announces that it will be ceasing operation in the state. This will leave tens of thousands of property owners looking to find new coverage. Farmers Direct Property and Casualty Insurance Company, an insurer owned by the second largest homeowners insurance provider in California’s property market, has surrendered the Certificate of Authority it…

Insurance companies want consumers to do these things every day

December 12, 2022December 9, 2022 Julie Campbell

Insurance companies - Holiday lights on house

The holiday season comes with many common risks and insurers are hoping policyholders will avoid them. Insurance companies see a spike in homeowners insurance claims throughout the month of December every year, but this year, they’re hoping to give a heads up to policyholders to save money for everyone. The more claims are filed, the more expensive it is to provide coverage and rates may rise. Claims are expensive not only for insurance companies but also for policyholders when they occur regularly enough. After all, the more expensive it is…

Citizens greenlit for hiking homeowner insurance rates 6.4 precent

July 1, 2022July 1, 2022 Logan B.

Florida’s insurer of last resort received the approval for the increase after requesting 10.7 percent. Citizens customers are bracing for a homeowner insurance rates increase as high as almost 11 percent, which will become effective as of September 1, 2022. This, according to the Florida Office of Insurance Regulation (OIR) after the insurer received approval to increase premiums by an average of 6.4 percent across the state. The state-run corporation currently provides coverage for over 800,000 homes throughout Florida. As private insurers flee from the state’s marketplace, which is frequently…