Florida passes homeowners insurance bill including $10k for home hardening

Homeowners insurance - money house

State residents could receive $2 for every $1 they pay for upgrades to protect their homes from damage. Florida state lawmakers have passed a bill to update homeowners insurance regulations and bring back a 16-year-old program that would pay an owner as much as $10,000 for home hardening upgrades. The goal of the legislators was to help ease the sharply increasing rates residents are paying for coverage. The new program meant to help reign in the skyrocketing homeowners insurance rates is called My Safe Florida Home. It has been designed…

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Homeowners insurance companies impacted by late home buying trend from Millennials

Homeowners insurance - buyers

The change in trends between generations is leading to challenges for coverage providers. The results of new research have found that Millennials and the youngest of the Gen X generation have experienced substantial delays in buying homes, and this trend is affecting homeowners insurance companies. This trend has been made only worse by the trends in out-of-state migration from those same generations. Those trends toward migrations out of state are driven in part by the COVID-19 pandemic. That behavior is posing a risk to homeowners insurance companies. These, among other…

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What Gen Z Should Keep In Mind When It Comes to Insurance

Navigating the murky world of insurance can be intimidating at best. However, when you’re a member of Gen Z and you’re still trying to figure out the whole “adulting” thing, trying to figure out which types of insurance you need and how to get it can feel downright paralyzing.  The good news is that getting insured is probably not as complicated as you think. You just need to know how to figure out what policies are right for you. Life Insurance It can be hard to think about your own…

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Homeowners insurance self-service apps are changing the game

Homeowners insurance - Home - digital - app

Consumers enjoy the shopping experience and the chance to reduce costs, but not all features are replaced. Self-serve homeowners insurance apps can help consumers and insurers alike to cut costs, and can create a shopping experience people enjoy, but while they are shaking up the industry, they haven’t yet reached the point that they can do everything. The manual claims process continues to exist even as applications increase available features. According to a recent LexisNexis Risk Solutions study, 93 percent – the vast majority – of homeowners insurance companies feel…

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Most residents of high-risk flood zones don’t have flooding insurance, analysis

High-risk flood zones - Flooding in neighborhood

A recent study has shown that an average of 6 in 10 affected homeowners aren’t covered. Severe weather events don’t plan to take a break just because of the COVID-19 pandemic, but a new analysis shows that 6 in 10 homeowners in high-risk flood zones don’t have insurance against overland water damage. The Atlantic hurricane season starts today, and severe flooding has already started in some areas. Central Michigan, for instance, has already been affected by considerable flooding in many regions. ValuePenguin.com recently published the results of an analysis it…

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Missouri homeowners insurance rates have increased 76 percent in ten years

home improvement loan

Consumers in the state are experiencing some of the fastest increases in the US due to severe weather events. A new analysis of Missouri homeowners insurance rates has shown that consumers in the state are paying an average of 76 percent more this year than they did a decade ago. The severe weather that is striking the state on a more regular basis is to blame for the rate hikes. The Missouri homeowners insurance rate hike is the seventh largest percentage increase in the country. As severe weather events become…

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A homeowners insurance review is important at the start of every spring

Homeowners Insurance Review - Residential

Property coverage should be re-examined annually, and this season presents a good opportunity. Experts in the industry typically recommend that property owners conduct a homeowners insurance review once per year, and the spring is an ideal time to do it. The start of this season allows property owners to ensure they have adequate coverage for the year ahead. With the fresh starts that come with springtime, a homeowners insurance review can help policyholders to ensure that their coverage is still appropriate for their needs. This way, they can know that…

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