Tag: insurance costs

Mortgage Mayhem: How a 50% Home Insurance Rate Jump is Stressing Finances

Angela Linders
Home Insurance Rate Jump

Are You One of the 50%? Understanding Your Essential Escrow Account Escrow accounts are pivotal in managing the financial responsibilities associated with homeownership. Despite their importance, a survey by LERETA reveals that only about half of the homeowners with an escrow account completely understand how it functions. This lack of comprehension is concerning, especially since these accounts are essential for paying property taxes and insurance premiums. Escrow accounts are commonly required for mortgage holders with less than 20% equity in their homes and are mandatory for federally-backed FHA loan borrowers.…

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Hurricane Helene’s Unyielding Wrath on Florida’s Insurance Market

John Bowers
Hurricane Helene in Florida

Devastating Storm Hits the Southeast Making landfall late Thursday night, Hurricane Helene unleashed its fury on Florida and extended its reach far inland to the Southeast and Appalachia. The storm’s torrential rains and fierce winds resulted in extensive flooding and property damage, marking one of the most severe weather events of the year. As the storm battered homes, it left behind a daunting trail of destruction, with early estimates suggesting up to $6 billion in private insurance losses. This catastrophic event has once again underscored the vulnerabilities within Florida’s already…

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Grapefruit-Sized Hail? Climate Change Could Bring Giant Ice Stones

Ester Adams
Grapefruit-Sized Hail

Introduction to the Giant Hailstones Study A new study published in the journal npj Climate and Atmospheric Science covered by USA Today predicts an increase in ice stones larger than two inches as a result of climate change. This situation could pose challenges for individuals with hail-damaged cars, including dents and shattered windshields, as well as for the auto insurance industry, which has been implementing record rate increases in 2024. Is there a connection between these two issues? Climate Change and Hailstone Growth The study, co-authored by Victor Gensini, an…

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Dreaming of a Backyard Pool? Uncover the True Costs of Installation, Maintenance, and More

Archie Walsh
Dreaming of a Backyard Pool?

Thinking about adding a backyard pool? It’s an exciting idea, but understanding the costs involved is crucial. From installation to maintenance, and even insurance considerations, there are many factors to keep in mind. Let’s break down what you need to know before taking the plunge. Average Cost of Inground and Above Ground Pools Installing an inground pool costs between $35,000 and $65,000 on average, with the national average around $50,000. This depends on size, design, materials, and extra features like landscaping or waterfalls. Pool Size Here’s what you might spend…

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From Floods to Fires: How Climate Change is Transforming the Real Estate Landscape

Ester Adams
housing crisis due to flooding, hurricanes, and wildfires and how its effecting insurance

The Ripple Effect of Climate Change on the Real Estate Market Climate change, once a distant concern, is now an imminent reality affecting various sectors of the economy, with the real estate market feeling its profound impact. From surging insurance rates to potential market crashes, the cascading effects of extreme weather events are reshaping how we buy and sell homes. Record-Breaking Weather Events In the previous year, the United States witnessed 28 confirmed billion-dollar weather events, marking the highest number since records began in 1980. These events, fueled by climate…

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Auto insurance shopping increases as high rates send consumers elsewhere

Logan B.
Auto insurance - Shopping around online

Drivers are looking for new ways to make their coverage affordable, including leaving current insurers According to a new report from JD Power and TransUnion, for the first quarter of 2024, drivers were increasingly shopping for new auto insurance policies in the hopes of saving money on their monthly premiums. These drivers felt there were no more ways to save on existing policies Consumers started comparison shopping for new auto insurance policies because they didn’t see any new ways to be able to apply discounts to their existing coverage, said…

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Federal Inquiry into Florida’s Homeowners Insurance Crisis: Causes and Solutions

Marc
Florida Insurance Crisis

How bad is Florida’s homeowners insurance crisis? The federal government wants to know. Lawmakers dove into that question to gain a greater understanding and explore the growing insurance problems across the country. But amidst the challenges, there are actionable solutions for homeowners. Many are feeling the brunt of rising insurance premiums, so much so that people are shying away from buying a home in Florida after learning that there’s no escaping the insurance problems. Weather disasters are becoming more and more prevalent, even in previously safe areas like Tallahassee. However,…

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