California’s Home Insurance Challenges: A Growing Concern In recent years, the California real estate market has faced increasing challenges, with one of the most pressing issues being the difficulty in securing home insurance. According to a recent survey by the California Association of Realtors (CAR), the problem has intensified, impacting home sales and affecting both buyers and sellers across the state. Escrow Hurdles and Home Sales Impact The CAR survey, which included nearly 3,000 Realtors, highlighted that 13% experienced a home sale falling through due to the buyer’s inability to…
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North Carolina home insurance rates could rise by over 25 percent
Insurers in the state are seeking a massive average increase to follow large hikes over recent years. If the proposals of insurers of the state are accepted, the North Carolina home insurance rates could increase by an average of 25.3 percent, representing yet another major spike in the amount that residents will need to pay in order to maintain their coverage. The amount that is being sought in terms of increases varies from one region of the state to the next. For example, the changes requested for the rates of…
Read MoreTowers Watson report shows the cost of claims continues to outpace the rise in insurance pricing
Towers Watson, a global professional services firm, has released a new report showing the rising prices in the commercial insurance industry. The report shows that commercial insurance prices have grown for the second consecutive year by an average of 2%. Property insurance and workers compensation are the two fields where the increases in pricing are most apparent. The property insurance market is being bolstered by a number of natural disasters that occurred throughout the year, which prompted insurers to raise rates and prices for new policies. While prices are rising,…
Read MoreEntire country’s health insurance premiums are skyrocketing
Nationwide statistics about health insurance premiums between 2003 and 2010 have shown that every state’s costs have been soaring. The state-by-state analysis was performed by a nonprofit health policy foundation called the Commonwealth Fund. What the research discovered was that within that span of seven years, the family coverage premiums soared by an average of 50 percent. The report about the findings predicted that if premiums continue to rise at the same rate, then the average premium paid by a family will explode to almost $24,000 per year by 2020.…
Read MoreDelays for California health insurance rate hike
On the heels of the announcement that Blue Shield of California would be raising its premiums by 59%, a proposition that has since been delayed by the state’s insurance commissioner, additional delays are being requested from insurers Aetna, Anthem and PacifiCare. Blue Shield of California would be raising its premiums by 59% New Insurance Commissioner, Dave Jones, who urged Blue Shield to postpone their rate hike for 60 days, has extended his inquiry to include the other big name insurers, who claim the rate hike is justified in light…
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