Live Insurance News

States begin taking action on flood insurance

February 13, 2015February 12, 2015 S.Vagus

National Flood Insurance Program is now $20 billion in debt The U.S. National Flood Insurance Program is $20 billion in debt and the provisions of a law that would seek to resolve this issue have been delayed for four years due to concerns regarding its financial impact on consumers. While premiums for the flood insurance coverage offered by the program have been increasing, these increases have not been enough to make the program financially stable. Because this represents a serious risk for homeowners, some states are beginning to take matters…

New supplemental insurance law passed in Massachusetts

January 7, 2015January 6, 2015 S.Vagus

Governor Patrick signs supplemental insurance legislation into law A new law that eliminates the cap on insurance payments for non-medical hospital expenses has gone into effect in Massachusetts. Governor Deval Patrick has signed a bill that would remove the payment cap, which had been placed on supplemental health insurance policies that are meant to provide aid for non-medical expenses. Massachusetts had been the only state in the country that had placed payment limits on such coverage. Law has removed the cap placed on insurance payments for non-medical hospital visitis The…

Auto insurance premiums are on the rise in Massachusetts

July 31, 2014July 31, 2014 Logan B.

Premiums continue to climb since state stopped regulating the auto coverage sector in 2008 Auto insurance is becoming more expensive in Massachusetts. The state is currently home to some of the most expensive auto coverage in the U.S., which is calling into question whether or not regulators should begin overseeing the auto insurance sector once again. In 2008, the state stopped regulating coverage for drivers. For a time, this caused insurance rates to drop by some degree, but they quickly shot up again as insurers sought to generate more profit…

Unemployment insurance costs addressed in Massachusetts

June 30, 2014June 28, 2014 Logan B.

New legislation focused on unemployment insurance costs passes in Massachusetts Massachusetts businesses are expected to save money on their unemployment insurance coverage thanks to new legislation that has been signed into law by Governor Deval Patrick. The legislation is a compromise between lawmakers that want to raise the state’s minimum wage and those that want to take action on unemployment throughout Massachusetts. The new law is expected to be well received among the state’s businesses, many of whom have been expressing concerns regarding the costs of unemployment coverage. Legislation aims…

Massachusetts wins a major victory in health insurance

June 13, 2014June 10, 2014 S.Vagus

Uninsured rate may fall below 1% in Massachusetts The number of uninsured people in Massachusetts may soon be below 1%, according to information from the state’s Center for Health Information and Analysis. The organization has been tracking the number of people that have signed up for insurance coverage from December 2013 to March of 2014, finding that the number of people with insurance coverage increased by more than 215,000 statewide. If this momentum is maintained, the state may soon have the lowest uninsured rate in the country. State initiatives help…