Live Insurance News

Auto and homeowners insurance rates grow in Ohio

July 24, 2015July 23, 2015 Marc

Homeowners insurance and vehicle protection are becoming more expensive in the state Auto and homeowners insurance premiums have increased in Ohio, according to an announcement from Lieutenant Governor Mary Taylor. While insurance rates have gone up in the state, they remain well below the national average, in terms of vehicle and property coverage. Insurers sought rate increases last year, many of which were approved by state regulators due to various issues that have placed insurance companies under greater financial strain. Higher rates may help insurers recover from the losses they…

UK auto and homeowners insurance rates to rise due to increased tax

July 15, 2015July 15, 2015 S.Vagus

20 million consumers to be affected by increase insurance rates As many as 20 million drivers and homeowners in the United Kingdom are expected to see their insurance premiums rise by as much as 10% due to a new tax levied on insurance providers. The tax is part of an overall budget plan introduced by George Osborne. The budget plan introduces a 50% increase on the country’s insurance premium tax, which is applied to all auto insurance policies, as well as property and pet insurance coverage. Budget plan raises the…

Farmers reaches settlement in homeowners insurance case

July 10, 2015July 9, 2015 S.Vagus

Insurer finalizes a settlement for a lawsuit that it has been fighting since 2002 Many Texas residents may receive refunds from Farmers Insurance Group as the company has reached a settlement in a lawsuit from 2002. The lawsuit involves policyholders paying higher premiums for less coverage, and state regulators found that this had been the case after examining many complaints issued against the company. The insurer will be paying $84.4 million per the settlement, which will be issued to policyholders that are eligible for refunds from the company. State regulators…

Alabama launches work group to investigate the homeowners insurance sector

July 7, 2015July 4, 2015 Logan B.

Alabama governor introduces work group that will examine the insurance market along the Gulf Coast Alabama Governor Robert Bentley has appointed a work group that is meant to study the homeowners insurance business along the Gulf Coast. In recent years, homeowners insurance premiums in the area have been rising at an astonishing rate, which is placing property owners under some financial strain. The work group will examine the market and determine what can be done to improve the insurance sector and reduce the strain on consumers along the Gulf Coast.…

Homeowners insurance rates on the rise in Florida

July 1, 2015June 30, 2015 S.Vagus

Citizens Property Insurance to raise rates in South Florida and elsewhere Water damage claims are becoming more common in South Florida, which is leading to an increase in homeowners insurance rates in the region. Florida’s Citizens Property Insurance had intended to reduce rates for homeowners in South Florida, but water damage claims have become more plentiful and more costly. Most of the state’s water damage claims originate from South Florida, which is no surprise considering the region’s proximity to the ocean and the storms it is exposed to. Rates had…

Homeowners insurance premiums expected to drop in Texas

June 22, 2015June 20, 2015 S.Vagus

Legislation may help lower the insurance premiums for homeowners in coastal areas Coastal property owners in Texas may get a break in their homeowners insurance premiums. A new law that aims to reconfigure the Texas Windstorm Insurance Agency is set to go into effect. The organization provides insurance coverage for those that live in coastal areas, and offers protection from the damage caused by windstorms and similar disasters. The law is meant to decrease the homeowners insurance premiums for those receiving coverage through the Texas Windstorm Insurance Agency. Texas has…

Millennials are unsatisfied with interaction with homeowners insurance companies

June 8, 2015June 6, 2015 S.Vagus

Insurers are having trouble interacting with Millennials Homeowners insurance companies may be failing to meet consumer expectations when it comes to interaction, according to a new study released by J.D. Power, a global marketing research and information services firm. The study highlights “Gen Y” consumers, typically referred to a Millennials, as having the lowest satisfaction with insurers and their ability to interact with consumers. This demographic typically represents those born in the early 1980s and early 2000s and these people are becoming first-time homeowners and have high expectations of the…