Live Insurance News

Homeowners insurance companies caught overcharging 13 million policyholders

November 27, 2017November 25, 2017 Marc

A new U.K. study has revealed that existing customers often pay considerably more than new ones. New Citizens Advice research demonstrates that up to 13 million U.K. customers are being overcharged by their homeowners insurance companies. Loyal customers and senior citizens are particularly victim to this trend. A very high percentage of homeowners over the age of 65 years have been paying more than new customers. The study revealed that 40 percent of home insurance policyholders over the age of 65 years and who have had their policy for over…

Trump ends health care subsidies and places Congress under high pressure

October 16, 2017October 14, 2017 Logan B.

Donald Trump health care subsidies - signing executive order

The President’s decision to cut off payments vital to making insurance plans affordable is creating turmoil. Before the start of the weekend, President Trump decided to singlehandedly eliminate the health care subsidies central to the Affordable Care Act. The move takes away money critical to making sure lower income Americans can afford the coverage they need. Trump’s decision was made to try to put pressure on Congress to repeal the ACA, despite many prior failures. The health care subsidies were added to President Obama’s reforms to protect consumers against the…

Life insurance premiums may soon be selfie-based

April 25, 2017April 22, 2017 Julie Campbell

Facial recognition technology could be used to better understand a person’s overall wellness. Selfies have become exceptionally commonplace, but these self-portraits may soon have an impact on life insurance premiums. In fact, as facial recognition and analysis technology continues to improve, it may one day determine whether or not someone even qualifies for a policy. The reason is that selfies provide a great deal of information about a person’s health and aging. The various details picked up by a selfie, such as drooping skin, fine lines and wrinkles, contours and…

Are car insurance rates higher in urban minority neighborhoods

April 6, 2017April 5, 2017 Logan B.

A recent study suggests that they are, but the research report has been accused of producing flawed findings. A new car insurance rates study has been published by ProPublica and Consumer Reports. It suggests urban neighborhoods populated primarily by minorities pay higher auto insurance premiums than comparable communities of lower minority populations. However, an insurance industry group has accused the report’s findings of being flawed and misleading. The study used car insurance rates data from California, Texas, Missouri and Illinois. The data was broken down by ZIP code and claims…

Trump’s flood insurance surcharge meets solid resistance from Jersey Shore

March 29, 2017March 27, 2017 Marc

Hurricane Sandy Damage flood Insurance surcharge

Three federal lawmakers from that area say they will fight the proposal they’re calling unreasonable. Jersey Shore congressmen aren’t pleased about the proposed flood insurance surcharge the Trump administration has put forward. As a result they’ve said they intend to fight the proposal in order to stop what they feel is an unreasonable cost increase. The lawmakers said the surcharge for the insurance coverage will only cause more suffering. U.S. Congressmen Tom MacArthur (R-03), Frank A. LoBiondo (R-02) and Frank Pallone, Jr. (D-06) have agreed that the flood insurance surcharge…

Insurance industry slams Paul Ryan for lack of comprehension

March 13, 2017March 10, 2017 H. Cutner

The internet and social media lit up when the Speaker of the House of Representatives made a strange declaration about health insurance. The insurance industry was shocked by a recent statement from Speaker of the House of Representatives, Paul Ryan. He recently expressed his displeasure with the fact that premiums from healthy individuals are being used to subsidize the premiums of sick people. Social media, particularly Twitter, immediately blew up to inform Ryan that this is how insurance works. The insurance industry – including professionals and consumers alike – took…

State Farm insurance rates will soon be slashed, judge’s orders

December 21, 2016December 19, 2016 Nordstrom

California Insurance Commissioner Dave Jones supports the judge’s decision to reduce premiums. State Farm insurance rates in California may soon be on their way down following a judge’s ruling. That said, homeowners, condo and renters insurance policyholders will need to wait to know if they will also get refunds. That will depend on the outcome of a lawsuit. The judge ruled that State Farm is required to comply with a state order for reducing its rates. That same judge said that while State Farm insurance rates must be reduced, the…