Tag: insurance market impact

Mississippi Supreme Court Upholds $15M Award in USAA Hurricane Katrina Case

Marc
USAA Hurricane Katrina Case

Just recently, the Mississippi Supreme Court has upheld a landmark $15 million award against United Services Automobile Association (USAA) for acting in bad faith when handling a Hurricane Katrina insurance claim. The decision brings closure to a nearly two-decade-long legal battle spearheaded by the estate of Paul and Sylvia Minor, a couple who lost their iconic Ocean Springs home in the devastating 2005 storm. A Historic Home and a Long Legal Battle The Minors’ home wasn’t just a personal residence; it was a piece of architectural history. Designed in the…

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What the Proposed Rate Hikes Mean for North Carolina Homeowners Insurance Policies

Nordstrom
North Carolina Homeowners Insurance

North Carolina Faces Rising Homeowners’ Insurance Rates Background on the Rate Increase Proposal North Carolina homeowners are bracing for a significant decision regarding a substantial proposed increase in homeowners’ insurance premiums. The North Carolina Rate Bureau (NCRB), representing private insurance companies, has requested an average statewide rate hike of 42.2%. Insurers argue that escalating costs due to natural disasters, repair expenses, and reinsurance premiums necessitate the increase. While the proposed hike averages 42.2%, coastal areas like Emerald Isle and Swansboro could see skyrocketing increases ranging from 71.4% to 99%. Meanwhile,…

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