Farmers Insurance Exchange, a reciprocal insurance branch of the Farmers Insurance Group, is looking to raise homeowner’s insurance rates in Louisiana. The insurer has approached state regulators seeking approval for rate increases that would affect thousands of residents throughout the country. The Louisiana Department of Insurance is currently investigating the rate proposal. Regulators have not yet issued a preliminary report on whether the rate proposal seems excessive or not. The state is currently determining how the potential rate increase will affect consumers and the overall economy of Louisiana. The insurer…
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Dallas-Fort Worth tornadoes spur concerns of insurance premiums
Report on Dallas tornado insurance claims Several powerful tornadoes cut a swath of destruction in the Dallas-Fort Worth area of Texas this week. The tornadoes caused a significant amount of damage to homes and businesses in the area but no death has been reported thus far. Claims adjusters have been streaming into the state from companies like Nationwide and Allied Insurance to help process the claims generated by the disaster. Insurers and state officials are encouraging all those that have storm-related claims to get in touch with an agent and…
Read MoreJ.D. Power and Associates study shows insurance consumer satisfaction is high after storms of 2011
A new report from J.D. Power and Associates, a global marketing information firm, shows that many consumers have been left happy in the wake of the veritable onslaught of natural disasters in 2011. The firm surveyed 4,200 homeowners insurance customers who had filed claims after these disasters. More than 80% of these consumers responded that they were satisfied with the service they were given and would likely renew their policies with their insurance provider. This comes as something of a surprise for the insurance industry as 2011 was the most…
Read MoreVirginia officials encouraging residents to purchase earthquake insurance
Virginia officials are urging residents to check their home insurance policies to ensure they have protection against earthquakes. The initiative comes as a new law takes effect, which will force insurance companies to disclose what their various policies do not offer coverage for. State officials are hoping that residents will be proactive in finding out what coverage they may lacking and take steps to rectify the problem before they fall victim to a devastating natural disaster. According to the State Corporation Commission’s Bureau of Insurance, many Virginia residents do not…
Read MoreUnited Nations report stresses the need for action on climate change
Climate change may be a controversial issue in the world of politics, but the insurance industry is betting on dramatic weather becoming a reality in the near future. The belief of the global insurance industry is shared by the United Nations. The UN’s Intergovernmental Panel on Climate Change has released a report concerning climate-related disasters, indicating that all nations will be susceptible to extreme weather. The report is aimed at politicians around the world, stressing the necessity of preparing for future disasters wrought by climate change. The United Nations claims…
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