Live Insurance News

FEMA to seek settlements in flood insurance cases

February 25, 2015February 24, 2015 Marc

coastal flood property insurance north carolina

FEMA is working to settle several lawsuits regarding flood protection and Hurricane Sandy The Federal Emergency Management Agency (FEMA) is currently working to settle lawsuits that have been issued by victims of Hurricane Sandy. The federal agency manages the National Flood Insurance Program, which came under fire in the wake of Hurricane Sandy. Many of those affected by the disaster saw their insurance claims rejected over technicalities and potentially falsified engineering reports. There have also been complaints that claims were underpaid. These issues have prevented many people from recovering following…

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 York health insurance exchanges has more than 2 million people enrolled

February 9, 2015February 7, 2015 S.Vagus

State’s insurance exchange manages to reach a new milestone this year New York’s health insurance exchange has reached a new milestone. According to officials with the New York State of Health, which is the state’s exchange marketplace, some 2,004,827 people have enrolled for health insurance coverage. Exchange officials note that 89% of those signing up for insurance through the exchange had no previous coverage. Governor Andrew Cuomo suggests that this is a major step forward in the state’s continued efforts to make health insurance coverage more available. Many people enrolling…

Drivers may be paying too much for auto insurance coverage

January 28, 2015January 27, 2015 Nordstrom

Survey suggests that drivers are paying more than they should for insurance coverage Many drivers in the United States may be paying too much for auto insurance coverage, according to a survey from NerdWallet. The survey drew information from 1,000 zip codes throughout the country, including the average rates that insurance companies charge for covering drivers and their vehicles. The survey found that, on average, prices in auto insurance coverage varied by 154% based on zip code. NerdWallet suggests that those shopping around for coverage could find significant savings. Drivers…

New York law helps ensure the longevity of life insurance benefits

December 3, 2014December 1, 2014 S.Vagus

Governor Cuomo signs legislation focused on life insurance coverage into law A new law in New York will ensure that consumers will get to keep their life insurance policies if their issuing insurer goes out of business. The legislation was signed into law by Governor Andrew Cuomo, who believes that the law is necessary to ensure that consumers retain the coverage that they rely on. Typically, if an insurance company goes out of business, the policies it was responsible for become void, unless they are purchased by another insurance provider.…

Health insurance rates could spike in small states

November 13, 2014November 12, 2014 Nordstrom

Baby boomers relying more heavily on medical care could lead to a surge in spending Baby boomers are entering their “golden years” and this may have a significant impact on health insurance premiums for everyone else. An estimated 76 million people from the baby boomers generation are expected to create a surge in spending on prescription medications, health care, and hospice car. This may become a major financial issue for insurance companies, with insurers like UnitedHealth and WellPoint seeing few other options than raising rates. For some states, premiums may…

New York help line helps resolve problems with health insurance

October 10, 2014October 7, 2014 S.Vagus

Help line established in New York helps consumers voice their complaints about the insurance idnustry A help line established by the New York Attorney General’s Office has helped return millions of dollars to state residents that have been overbilled on their health insurance policies or were denied benefits by their insurer, according to Attorney General Eric T. Schneiderman. The help line was put in place in 2011, giving New York residents an opportunity to voice their concerns regarding insurance companies and how they conduct business. More than $12 million returned…