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 With theses risks ahead, a number of Louisiana home insurance companies have withdrawn from the market, just as has…

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Nearly 3 in 4 homeowners don’t know how their home insurance works

Home Insurance - Confusion about coverage

72 percent of participants of a Forbes Advisor survey don’t know what their coverage gives them. While most homeowners understand that home insurance is critical, but according to the results of a new Forbes Advisor survey of 2,000 policyholders, the vast majority don’t know what their coverage provides. Homeowners don’t understand their coverage even though they said they’re paying more for it. According to the survey, homeowners don’t realize that their home insurance policy provides more coverage than just protecting their house and belongings against damage or theft. It stated…

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Florida property insurance could get special legislative session

Florida property insurance - Florida on map

Lawmakers are calling for the opportunity to work on this critical state in the issue. Senator Jeff Brandes (R-St. Petersburg) has formally asked his colleagues to support the call he made to hold a special legislative session to focus on the Florida property insurance crisis. The state has been losing insurers as they withdraw or go into liquidation. “We can no longer wait on this issue,” said Brandes, who issued a “template letter” to his colleagues so those lawmakers could send it to the Department of State. The goal is…

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Florida Citizens Insurance rates might be climbing higher soon

Citizens Insurance - Higher Rates Florida

The insurer of last resort might become less affordable to people across the state. Homeowners in Florida could soon find that even insuring themselves with Citizens Insurance, the last resort coverage in the state, will lead to higher premiums. The state’s battered homeowners market is forcing policies into the state-backed insurer’s hands. As a growing number of homeowners leave Florida or find themselves in liquidation, many property owners find that they don’t have a choice other than to turn to Citizens Insurance for coverage. This has left the insurer covering…

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Iowa home insurance appraisal bill’s future unclear following tornadoes

Iowa home insurance - Tornado

It’s no longer clear whether the bill will advance but critics say it will make claims tougher. It isn’t obvious whether lawmakers will advance an Iowa home insurance bill that would make it tougher for policyholders to make claims for damage related to natural disasters such as the tornadoes that cut their way through parts of the state last weekend. The bill’s design would restrict the appraisal process applied to disputed claims. The restrictions to the Iowa home insurance appraisal process used for disputed claims. If the bill passes it…

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