Allstate homeowners insurance rates increase following 191 hike approvals

Allstate homeowners insurance rates - Home Money - Rates

The insurer has the green light to raise its premiums for property owners across 43 states. Following the receipt of 191 approvals from state regulators in 2020, Allstate homeowners insurance rates can rise in as many as 43 states. This would produce a premiums increase of an estimated $222.3 million, according to an S&P Global Market Intelligence analysis. Conversely, State Farm’s filings suggest that they will be reducing their premiums in 17 states. At the same time that Allstate homeowners insurance rates filings were seeking to increase premiums, State Farm…

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Homeowners insurance companies caught overcharging 13 million policyholders

homeowners insurance companies

A new U.K. study has revealed that existing customers often pay considerably more than new ones. New Citizens Advice research demonstrates that up to 13 million U.K. customers are being overcharged by their homeowners insurance companies. Loyal customers and senior citizens are particularly victim to this trend. A very high percentage of homeowners over the age of 65 years have been paying more than new customers. The study revealed that 40 percent of home insurance policyholders over the age of 65 years and who have had their policy for over…

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Homeowners insurance rates greatly impacted by credit score

homeowners insurance rates increase

Many consumers are surprised to find out how great a difference their credit history makes. As recent homeowners insurance rates calculations are revealing, credit is growing in its importance to Americans. Our daily lives are directly impacted by our credit histories, according to the results of a recent study. This includes the amount being paid in premiums for property policies. A recent study showed that people with fair or median credit scores pay an average of 32 percent higher premiums. The research was conducted by Quadrant Information Services. It was…

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Homeowners insurance premiums to fall in Louisiana

Citizens Insurance Louisiana homeowners insurance property

Citizens Property Insurance is making cuts to homeowners insurance premiums Louisiana’s Citizens Property Insurance has announced that it will be lowering homeowners insurance premiums beginning on June 30. The state-run agency’s board of directors voted to approve rate reductions, which may reduce the financial pressure of homeowners with coverage through the state. Citizens Property Insurance notes that the driving factor behind rate reductions is the falling cost of reinsurance. This year, the cost of the agency’s reinsurance coverage is expected to fall by as much as 5%. Average cost of…

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Homeowners insurance may be getting pricier for those affected by Storm Desmond

UK Flood homeowners Insurance companies Flood Re Plan

Residents of parts of the U.K. that suffered from flooding may soon be seeing higher premiums, too. People living in the parts of Cumbria in the United Kingdom, which have been stricken by flooding following Storm Desmond may soon have further unwanted news as it is expected that homeowners insurance rates will likely rise in that area as a result of the losses that were recorded. As of yet, it is too early to predict exactly how much the storm will be costing the insurance industry. In the U.K., an…

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Weather improvements ease homeowners insurance rates

Ohio homeowners Insurance

The cost of insuring an Ohio property may stop rising as quickly as it has been due to fewer storms. Over the last few years, Ohio property owners have been watching their homeowners insurance rates climbing upward at a sharp rate, but that may start to slow to a much more moderate increase as the weather has been easing off. The weather has been slightly kinder to Ohio residents and isn’t causing the damage that it had been. In 2014, the rates from the largest homeowners insurance companies in the…

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Alabama launches work group to investigate the homeowners insurance sector

Alabama homeowners insurance

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.…

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