Live Insurance News

Homeowners insurance sector may be in for some changes in North Carolina

May 13, 2015May 11, 2015 Nordstrom

Legislation aims to bring about significant changes to the homeowners insurance sector Major changes could be coming to the homeowners insurance sector in North Carolina. A new legislation, called the Property Insurance Fairness Act, has managed to make its way through the first few steps of the legislative process, making its way through the state’s House of Representatives. Lawmakers supporting the bill are looking for ways to mitigate the impact of what are known as “once in a century storms,” major events that can cause significant damage to properties. Legislation…

Lawmakers seek to reduce cost of property insurance in North Carolina

March 13, 2015March 12, 2015 S.Vagus

New legislation targeting property insurance has been introduced in North Carolina Lawmakers in North Carolina are looking to reduce property insurance rates by changing the state’s initiative to cover catastrophic losses caused by natural disasters. A new legislation has been introduce that would establish a public bonding authority, which will be part of the North Carolina Coastal Property Insurance Pool. The legislation would also require insurers to provide information concerning the costs they must bear by providing coverage to coastal properties and how much money they are making from these…

Health insurance provider breaks regulations in North Carolina

March 11, 2015March 9, 2015 Nordstrom

Aetna could face fines and other penalties from state regulators for numerous infractions Health insurance provider Aetna has run afoul of North Carolina’s insurance regulators. According to the North Carolina Department of Insurance, the company has sold policies to several hundred consumers without the state’s approval. The agency approved these policies in order to ensure that people do not lose their health insurance coverage, but Aetna may be subject to fines and other penalties for selling insurance products without the states authorization. Company reports its own infractions, which may have…

Traffic violations lead to higher auto insurance premiums

February 23, 2015February 21, 2015 S.Vagus

In some states, premiums grow by a significant margin when drivers are hit with traffic violations Moving violations often lead to increase auto insurance premiums, but in some states, the increase is astronomical. A new report from InsuranceQuotes.com highlights the dramatic increase of auto insurance premiums in some states for those that receive driving under the influence (DUI) charges. On average, consumers can expect to pay 92% more for their coverage when they receive a DUI charge, which is the national basis. In some states, however, costs can shoot up…

Homeowners insurance rates may skyrocket in North Carolina

January 29, 2015January 27, 2015 Marc

Homeowners are receiving consent to rate letters from their insurance providers Homeowners insurance providers in North Carolina are sending consumers “consent to rate” letters. These letters are informing homeowners that they must agree to pay higher rates for their coverage or risk losing this coverage entirely. For many, this will mean that insurance policies will become significantly more expensive this year. Others may choose to find new homeowners insurance providers and, in some cases, this could save them money on coverage. State regulators deny rate increases from insurers, but state…