Tag: Homeowners Insurance

As home values fall, homeowners’ insurance rates will keep rising in 2023

Marc
Homeowners’ insurance rates - Low home value

A new Insurify report has predicted falling values, rising premiums and upside-down mortgages. As home market volatility continues to stomp its way through this year, homeowners’ insurance rates will be rising even as the home values themselves drop, said a recent Insurify report called the 2023 Insuring the American Homeowner report. The price paid for individual policies is continuing to climb and policyholders should expect to pay more. “The cost of individual policies is rising. Homeowners may notice an increase of hundreds of dollars for one year to the next,”…

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State Farm insurance company provides customers with free Ting sensors

G. Turner
Insurance company - Electrical fire

The insurer is distributing more than one million devices in an effort to help prevent electrical fires. State Farm insurance company has announced that it’s offering its policyholders over one million free Ting sensors as a part of a strategy to reduce the risk of electrical fires. The smart sensor provides home electricity monitoring to help spot hazards that could spark a fire. The insurance company is offering over one million of the Ting sensors to its customers to help those policyholders to be able to detect hazards in their…

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As floodwaters rise in California, flood insurance covers few homeowners

Nordstrom
Flood insurance - Home near rising waters

Rainstorms have been soaking the state, placing property owners at risk of uncovered water damage. Throughout the entire state of California, only about 230,000 homes and other properties are covered by flood insurance policies. This coverage is not included in standard home policies, leaving Californians vulnerable. Therefore, only about 2 percent of California properties have flood insurance coverage against rising waters from storms such as those that have been soaking the state in recent weeks. For most of the properties that are covered, the federal government is the insurer. About…

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Louisiana home insurance special session called by Governor John Bel Edwards

G. Turner
Home insurance - Government

The governor is hoping this special legislative session will set the state up to overcome its crisis. Louisiana Governor John Bel Edwards has called a special session of the state Legislature to take control over the home insurance crisis. The session is slated to start on January 30 and will continue until no later than February 5. The governor’s move aligns with Insurance Commissioner Jim Donelon’s statement made to a key legislative committee last Friday, when he said that a special session will be critical to overcoming the property and…

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Insurance losses hit $120 billion in 2022 due to hurricanes and flooding

H. Cutner
Insurance losses Flooding damage Flodded roads

The US and Australia were the countries that contributed some of the biggest disaster costs. In 2022, Hurricane Ian in the United States and the flooding that struck Australia were among the leading drivers of insurance losses, according to Munich Re. This is contributing to a trend that connected with the intensity and frequency of disasters from climate change. The insurance losses from natural catastrophes last year reached about $120 billion in 2022, which was comparable to 2021, though still fell short of the record-breaking damages that occurred in 2017,…

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