Live Insurance News

Disasters in Texas and Oklahoma highlight importance of flood insurance

June 1, 2015May 30, 2015 S.Vagus

Floods in two states cause significant damage and loss of life Both Texas and Oklahoma have been inundated with rain this month, which is somewhat unseasonable for both of these states. Severe rainstorms have caused a massive amount of flooding in both states, leading to damage to thousands of homes and vehicles and even the loss of life. Insurance adjusters have been deployed to these states in order to assess the damage caused by floods. For many homeowners, damage caused by floods will not be covered by their insurance policies,…

Senator calls for changes to National Flood Insurance Program

May 26, 2015May 23, 2015 Logan B.

Flood insurance may need more reform in the future United States Senator Charles Schumer believes that major changes must be made to the National Flood Insurance Program. The federal program is typically the only place that homeowners can find flood protection, but this coverage is provided by private companies that work with the program. These companies have fallen under harsh criticism in recent years due to their handling of claims related to Hurricane Sandy and other disasters that have produced claims. Senator Schumer calls for changes to be made to…

Florida homeowners insurance may be stable this hurricane season

May 15, 2015May 14, 2015 Marc

Florida’s Cat Fund is equipped to handle a significant natural disaster Florida may be able to withstand a major hurricane thanks to the financial capabilities of the state’s Hurricane Catastrophe Fund, also known as the Cat Fund. The fund is designed to provide a financial safety net for homeowners insurance companies that face significant losses in relation to a major storm. The Cat Fund has been used many times in the past to help the state recover from serious losses, but Florida has not suffered a major hurricane in nine…

Homeowners insurance rates receive legislative attention in North Carolina

May 15, 2015May 14, 2015 S.Vagus

Lawmakers approve legislation that will provide consumers with more information concerning their insurance rates The North Carolina House of Representatives have unanimously approved legislation that would provide consumers in the state to receive more time when responding to proposed rate increases on their homeowners insurance policies. The legislation also received votes that will allow it to proceed to the state Senate, where lawmakers will determine whether or not to pass the legislation into law. The legislation will also provide consumers with more information from their insurance providers. Consent to rate…

Homeowners insurance sector may be in for some changes in North Carolina

May 13, 2015May 11, 2015 Nordstrom

Legislation aims to bring about significant changes to the homeowners insurance sector Major changes could be coming to the homeowners insurance sector in North Carolina. A new legislation, called the Property Insurance Fairness Act, has managed to make its way through the first few steps of the legislative process, making its way through the state’s House of Representatives. Lawmakers supporting the bill are looking for ways to mitigate the impact of what are known as “once in a century storms,” major events that can cause significant damage to properties. Legislation…

Florida-run homeowners insurance provider sheds more policies

May 13, 2015May 11, 2015 S.Vagus

Florida homeowners insurance, Citizens Property

Citizens Property Insurance removed more policies More than 30,000 homeowners insurance policies have been removed from Florida’s Citizens Property Insurance. These policies were removed as depopulation efforts continue by the insurer. These efforts are meant to reduce the overall number of policies that Citizens is responsible for, thereby reducing its financial responsibilities and making the insurer more sustainable in the future. The depopulation was sparked by serious issues the insurer faced in the wake of serious natural disasters that it did not have the financial capability to handle on its…

Homeowners insurance litigation measure approved in Texas

May 6, 2015May 5, 2015 S.Vagus

Homeowners will have more trouble filing lawsuits against homeowners insurance companies Homeowners in Texas may find it more difficult to file lawsuits against insurance companies for unpaid claims, due to a measured approved by the state Senate. The Senate has voted to approve a measure that is meant to address the issue of homeowners insurance lawsuits, which lawmakers believe are becoming a significant problem for the state. The Senate is divided on the issue, with lawmakers disagreeing on how it should be resolved, but the measure managed to pass despite…