Live Insurance News

Homeowners insurance surcharges may be reduced in Florida

October 20, 2014October 19, 2014 S.Vagus

Florida Hurricane Catastrophe Fund remains financially strong, which may be a benefit for homeowners New estimates approved for the Florida Hurricane Catastrophe Fund show that it remains strong. The fund was established to help private insurance companies to help pay claims that they receive in the wake of a hurricane. The fund has been put to the test over the years and some have questioned its financially capabilities. Private insurers face significant risks in the Florida market due to the state’s exposure to natural disasters, but the fund remains financially…

Homeowners insurance tax could come to an end in Florida

September 24, 2014September 22, 2014 Nordstrom

Citizens Property Insurance is considering putting an end to its storm tax Florida’s Citizens Property Insurance is considering putting an end to its storm tax, which was first introduced in 2007 as a way for the organization to recover from devastating financial losses. The tax imposed a 1% charge on all homeowners insurance policies that the organization was responsible for. The charge has been somewhat unpopular among homeowners, especially as Citizens continued to raise premiums on their coverage somewhat aggressively. Now, the organization may put an end to the tax…

Homeowners insurance costs in Florida are finally leveling off

September 5, 2014September 2, 2014 G. Turner

The state is approaching the hurricane season’s statistical peak very soon and property policies remain comparatively reasonable. Next Wednesday, on September 10, the hurricane season will has reached its peak, and so far, Florida has managed to make its way through another year without being affected by any serious storms, and this good luck has had a highly positive impact on the cost of homeowners insurance in the state. This was not the case when Hurricane Andrew struck the state and left devastation behind 22 years ago. That storm altered…

Homeowners insurance controversy is brewing in North Carolina

August 25, 2014August 23, 2014 Logan B.

Homeowners issue complaints regarding rising insurance rates Homeowners in North Carolina are voicing their concerns over some insurance companies raising premiums over the state-approved maximum. In many parts of the state, homeowners insurance is becoming more expensive due to a loophole that exists in the state’s laws. This loophole allows insurers to send “Consent to Rate” notifications to homeowners that are about to renew their insurance policies. These notifications inform homeowners that their rates will be going up more than state law would allow for normally. Consent to Rate becomes…

Homeowners insurance is more expensive in Texas

August 7, 2014August 4, 2014 H. Cutner

Drivers in the state are also paying higher rates for their auto policies. According to an analysis of the latest data from the Texas Department of Insurance, the cost of homeowners insurance and auto policies in the state – particularly in the northern parts – is high and is becoming more expensive, this year. The average rates for both of those types of coverage have increased by double digits for many residents. The analysis, which was conducted by The Dallas Morning News, involved a look at the rates being charged…

Homeowners insurance rates in North Carolina are “very much a problem”

July 25, 2014July 28, 2014 Julie Campbell

North Carolina Homeowners Insurance Rates

The commissioner in the state has openly recognized that there is an issue which must be overcome. Though the majority of people would say that they’re already paying high premiums for their homeowners insurance coverage, those in North Carolina have more to complain about than most, as the majority of property owners have seen their bills suddenly spike by a third to nearly three quarters of what it previously had been. Many people have received letters saying that if they don’t agree to these increases, they will lose their coverage.…

Homeowners insurance increases rejected by Massachusetts

June 13, 2014June 10, 2014 Julie Campbell

The state has shot down the request to hike rates that was made by FAIR for its high risk pool. Regulators in Massachusetts have turned down a request from the high-risk homeowners insurance provider that would have caused premiums for that coverage to rise by an average of 7 percent. The FAIR high risk plan wrote a large number of policies in 2012, according to the Division of Insurance. Though the majority of the areas that have the highest risk of storms and flooding are in the region of Cape…