Tag: homeowners insurance industry

Florida boosts home insurance oversight following investigation

H. Cutner
Home insurance - Investigation Florida

New legislation has been introduced after an investigation showed disaster estimate slashing. Florida Governor Ron DeSantis (R) recently signed a new law that boosts home insurance company accountability for their claims handling processes. The insurers will be required to comply with additional transparency and oversight regulations. The new law requires home insurance companies to boost their process transparency and will be subject to higher fines for legal violations. The law also provides the regulators in the state additional authority to conduct investigations into allegations of bad behavior in a market…

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Allstate spikes Illinois homeowners insurance rates for almost 200K policyholders

Nordstrom
Illinois Homeowners Insurance Rates - neighborhood of houses

The second largest home insurer in the state is raising rates by 8 percent in early 2020. Allstate will be increasing its Illinois homeowners insurance rates by the largest amount the state has seen in several years. By early next year, policyholders will be paying an average of 8 percent more for their coverage than they are this year. The Illinois Department of Insurance announced the rate hike in a filing they issued on Halloween. Allstate is the second largest home insurance provider in the state. It has just about…

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Homeowners insurance industry isn’t impressed with smart homes

H. Cutner
homeowners insurance industry, smartphone smart home

Despite the claims device makers have made about improved security, insurers aren’t lowering bills. The smart home device market has led to millions of dollars in sales but has not managed to impress the homeowners insurance industry. Americans have been buying WiFi connected smoke detectors and security cameras in droves. However, home insurance companies aren’t yet convinced that they are worthy of premiums discounts. A traditional smoke detector may bring savings to many homeowners, but more recent gadgets are still unproven. With the average rates across the homeowners insurance industry…

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Homeowners insurance industry officials recommend that consumers review coverage

Marc
Hurricane Isaac Homeowners Insurance Industry Damages

In light of the current hurricane season predictions, it may be wise for property owners to review their policies. The homeowners insurance industry has recently released a number of statements recommending that consumers take a moment to review the coverage they have so that they understand the type of coverage that will be available to them throughout the current hurricane season, which is expected to be an active one. This is a practice that insurance companies typically recommend on an annual basis, but reminders may help. According to the homeowners…

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Aon Benfield expects an upswing in the U.S. homeowners insurance market

H. Cutner
homeowners insurance

This indicates that home insurers could be aligned to start seeing improvements in their returns. According to Aon Benfield, the current trend of improvement overall in homeowners insurance returns for this year was, in part, driven by a boost in prospective levels in the rates for premiums, and that the improvements are likely to continue. The insurer also said that the estimated catastrophe ratio has experienced a notable decline. The reason that ratio has declined is that there have been updates implemented for the vendor catastrophe models that were utilized…

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