Mercury Insurance shares home water conservation tips

Mercury Insurance - Water Saving Tips
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As consumers tighten their belts due to inflation, insurers are seeking to provide ways to save. While some insurers are working on creating plans and quote strategies to help consumers to find deals and discounts where they can, Mercury Insurance is also sharing tips for savings in other areas. The insurer recently released tips to help consumers to save money and water at the same time. There are many places around the home where water can be saved. This is both an environmentally conscious step that homeowners and renters can…

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Australian home insurance prices climb due to climate change

Home insurance - Australia - Map

A new green paper report from Finity has shown that global warming is skyrocketing coverage costs. Climate change is having an impact worldwide, but it isn’t dolling out the pain equally, as Australian homeowners are discovering as their home insurance premiums rapidly climb, said a new Finity green paper report. The Australian coverage industry is experiencing increasing losses due to extreme weather events. The Australian home insurance industry has been experiencing rising losses from extreme weather-related events over the last decade, even accounting for exposure growth and inflation. This year…

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Higher cost of flood insurance causes massive coverage dropping trend

Flood insurance - Goodbye - beach

FEMA’s program overhaul in 2021 sent prices skyward, causing hundreds of thousands to drop out. In 2021, the Federal Emergency Management Agency (FEMA) conducted an overhaul of its National Flood Insurance Program (NFIP) to encourage homeowners to purchase coverage due to the more precise risk their property faced from flooding. So far, the result appears to be rising rates and hundreds of thousands of people dropping existing coverage. Homeowners that had been purchasing their flood insurance coverage through FEMA have widely dropped their policies, leading to a concerning number of…

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Some Oregon home policy rates to rise due to wildfire insurance risk

Wildfire insurance - Oregon Sign - Home Insurance - Fire

The state recently published a map to show which properties are at the highest and extreme level risks. After the catastrophic season in 2020, Oregon has moved ahead with strategies to advise people as to whether they are living in vulnerable areas, in a move that might send home wildfire insurance rates upward. While people did want to now if their properties were at an extreme risk of blazes during the summertime. While the new maps have been seen as informative and helpful, certain homeowners, particularly those in rural parts…

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Will stopgap measure dig Florida home insurance market out of crisis?

Florida home insurance - Home in Florida

Regulators have announced a plan using Citizens to avoid consequences of financial ratings agency downgrades. Regulators have announced that they will be using Citizens as a part of a Florida home insurance stopgap plan in the hopes of avoiding the ramifications of financial ratings agency downgrades across several property insurers. The plan is meant to provide a temporary fix, making sure residents will maintain their coverage. The Florida home insurance stopgap plan will use the state’s insurer of last resort, Citizens, as a financial backstop. The insurer will take on…

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Treasury Department investigates insurance coverage impact of climate change

Insurance coverage - Climate Change Investigation

Concern is rising over the harm increasingly extreme weather is having on property rates and availability. The US Treasury Department is addressing rising concern over the impact of climate change on the availability and affordability of property insurance in disaster-prone areas. The Treasury is now launching the first nationwide insurers’ financial exposure assessment to climate risk. A preliminary email was issued by the Federal Insurance Office to regulators in every state. The email requested the data they had available for insurance coverage, liabilities and losses across the last half decade…

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Louisiana home insurance coverage at risk as Atlantic hurricane season picks up

Louisiana home insurance - Hurricane Season

The state is facing problems that have been compared to the coverage crisis in Florida. As has been the case in Florida’s market, Louisiana home insurance struggles are leaving thousands of residents of the state wondering how to find coverage. The need is becoming particularly urgent as the US predicts a busy Atlantic hurricane season. Meteorologists have been warning that the Atlantic hurricane season will be an active on this year. With theses risks ahead, a number of Louisiana home insurance companies have withdrawn from the market, just as has…

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