Live Insurance News

Skyrocketing Colorado Home Insurance Rates Triggered by Hail and Wildfires

August 15, 2023August 15, 2023 H. Cutner

Insurers in the state are blaming increasingly extreme weather and wildfires for the higher premiums. Home insurance rates are headed skyward again in Colorado as state officials estimate that one in two people in the state live in zones that are considered high-risk wildfire zones. Homeowners in the state have already watched their premiums rise by over 50 percent in three years. To keep up with the wildfire risk, on top of the risk of other damaging weather events such as hail, on top of the rising cost of home…

Louisiana gives State Farm the green light to raise auto insurance rates

August 11, 2023August 10, 2023 Logan B.

Auto insurance rates - Green light - Louisiana

Drivers in the state are already facing high premiums for their homeowners coverage. Homeowners have already been watching their premiums rise in Louisiana, and now drivers can expect that their auto insurance rates will be rising there as well. State Farm recently requested a hike of 17 percent in the state, and it now has its approval. Drivers are starting to wonder how they will be able to afford their auto insurance rates following hikes that have already been applied to their home coverage. “It’s not nice to be a…

State Farm expected to raise Louisiana auto insurance rates

August 8, 2023August 15, 2023 H. Cutner

The insurer covers more than a quarter of all drivers in the state, many of whom will soon pay more. State Farm, the insurer that currently provides auto insurance coverage to about 29 percent of Louisiana drivers, is expected to raise its rates in the state. This will mean that more than a million people might find their premiums moving up. According to Louisiana Insurance Commissioner Jim Donelon, there are several reasons that State Farm is seeking to bump up its rates by double-digit average amounts. “This 17.3% rate increase…

Colorado health insurance program provides undocumented immigrants coverage

August 2, 2023August 2, 2023 G. Turner

The program’s first year of operation cost tens of millions and has saved wellbeing and lives. The first year of the Colorado health insurance program offering undocumented immigrants with healthcare is now offering its first annual data tallies. In the state, every insurer offering coverage must sell to everyone, regardless of documentation status. Undocumented immigrants can legally obtain health insurance coverage in the state. In its first year of operation, the state paid $73 million to insurers for the program. This does not subtract the amount paid into the program…

Ukraine cargo insurance stopped as Russia abandons grain agreement

July 25, 2023July 24, 2023 H. Cutner

Coverage is no longer being offered for shipments from the country as Russia quit the UN-backed deal. A cargo insurance company providing Ukraine grain shipment coverage through a safe sea corridor has now been suspended following Russia’s exit from the agreement backed by the United Nations, according to broker Marsh. Moscow announced that it was stepping away from the grain deal that was established a year ago. The grain deal was made between Russia and the United Nations to help reduce the risk of creating hunger around the world by…

State Farm Boldly Upholds Commitment to Florida’s Home Insurance Landscape

July 20, 2023July 19, 2023 Nordstrom

Even as Farmers and AAA reduce their business in the state, the insurer says it’s not leaving. State Farm has announced that it has no plans to leave Florida’s home insurance market like other insurers have done, and even as that insurer did that exact thing this year in California. Florida’s market has been riding the line on the edge of a crisis, but State Farm isn’t leaving. According to State Farm, it continues to see an opportunity in Florida’s home insurance market, particularly due to recent reforms for the…

AAA’s Decision to Drop Auto and Home Insurance Customers in Florida Spells Trouble for Policyholders

July 19, 2023July 18, 2023 G. Turner

Shortly after Farmers made a similar announcement, this insurer followed suit. AAA has announced that it will not be renewing auto and home insurance policies for some of its existing Florida customers, becoming the next in a growing list of insurers scaling back their business in the struggling state. Florida has been facing disasters in increasing frequency and severity, sending insurers fleeing. With the number of hurricanes and tropical storms leaving catastrophes behind in Florida, auto and home insurance companies in Florida are choosing not to renew policies for some…