Live Insurance News

Homeowners insurance premiums may grow in Texas due to natural disasters

January 4, 2016January 3, 2016 S.Vagus

2015 has been filled with natural disasters, placing pressure on Texas insurers This has been a troublesome year for many homeowners in the United States when it comes to natural disasters. In Texas, powerful storms have left many homeowners with damaged properties and the storms may have a significant impact on homeowners insurance overall. Insurers are expected to experience financial losses due to the high number of claims that have received as a result of the storms in Texas and this may lead to higher insurance premiums in 2016. Hail…

Earthquakes cause problems for homeowners insurance customers in Oklahoma

December 21, 2015December 20, 2015 S.Vagus

Oklahoma homeowners are beginning to feel pressure associated with earthquakes Earthquakes in Oklahoma are beginning to cause some problems for those with homeowners insurance. The Oklahoma Insurance Department notes that many homeowners may be surprised to discover that their homes are not actually protected against earthquakes. The state has been experiencing an increasing frequency of earthquakes in recent years, with some state officials suggesting that tremblers may be linked to the controversial practice of fracking, which involves the use of oil injection wells. Most homeowners may lack the needed earthquake…

Citizens aims to change language of homeowners insurance policies

December 16, 2015December 15, 2015 Marc

Florida homeowners insurance, Citizens Property

Citizens Property Insurance intends to change policy language concerning water damage Florida’s Citizens Property Insurance is looking to make changes to the language in its homeowners insurance policies in order to mitigate the growth of claims associated with water damage. These claims are beginning to flow from South Florida, where many homeowners are beginning to experience water damage from various issues, ranging from rainfall to faulty plumbing. The changes that Citizens Property Insurance wants to make will adjust the way water damage claims are handled. Changes must be made in…

Connecticut aims to put price optimization to rest among homeowners insurance companies

December 10, 2015December 9, 2015 S.Vagus

Homeowners insurance sector is attracting controversy due to the use of price optimization The Connecticut Department of Insurance has begun warning insurance companies against using a controversial pricing method that relies heavily on consumer buying habits. The insurance industry is meant to use actuarial or risk-based principles to price the coverage being provided, but many insurers have been found to be using price optimization, which could be placing consumers under a great degree of financial stress. Such practices have been found in various sectors of the insurance industry and more…

Arkansas homeowners may need flood insurance protection

November 13, 2015November 12, 2015 Nordstrom

Arkansas is among five states that have the most land situated in 100-year floodplains Arkansas could be exposed to significant risks related to flooding, and it is not the only state to face such risks. According to the Arkansas Natural Resources Commission, the state is among the top five states that have land situated in 100-year floodplains. In the event of a major flood, such a disaster could have catastrophic consequences for homeowners and businesses. The main problem is that most homeowners do not have flood insurance protection, which could…