Still, the coverage that they will be receiving won’t be the same as what they’re used to State Farm has announced that it will be making it possible for some California home insurance customers to renew their policies, after having previously announced that it would no longer be selling or renewing property coverage in the state. That said, there is an important change to the coverage it will be providing While this does mean that homeowners will be able to keep their home insurance coverage, they should be aware that…
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Many families in Louisiana are reaching home insurance desperation
The state has reached a crisis point in its property coverage market with prices headed steadily skyward. Families affected by the hurricanes that have hit the state in many years have already been facing rapidly climbing home insurance rates, but at the same time, they’re also battling with insurers to pay for the costs they’ve paid to make their homes livable again. Insurers in the state have gone bankrupt, leaving policyholders floundering While settlements from some home insurance companies are protected through the state-backed guaranty association, the process can take…
Read MoreWhat is the homeowners insurance 80/20 rule everyone is talking about?
It seems that everyone agrees that this is a solid strategy, but what exactly is it referring to? Trying to purchase the ideal homeowners insurance coverage can easily feel overwhelming, as there is a great deal to take into account, and most people don’t have a tremendous amount of experience in all its intricacies. The coverage is meant to protect you financially against home damage, burglaries or liability. The 80/20 rule is a strategy meant to help simplify that process and ensure that the right amount of homeowners insurance coverage…
Read MoreA homeowners insurance review is important at the start of every spring
Property coverage should be re-examined annually, and this season presents a good opportunity. Experts in the industry typically recommend that property owners conduct a homeowners insurance review once per year, and the spring is an ideal time to do it. The start of this season allows property owners to ensure they have adequate coverage for the year ahead. With the fresh starts that come with springtime, a homeowners insurance review can help policyholders to ensure that their coverage is still appropriate for their needs. This way, they can know that…
Read MoreNorth 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 MoreMost California homeowners lack earthquake coverage
Data from the Insurance Information Network of California has shown that less than 12 percent of homeowners within the state were protected by earthquake insurance in 2010, and that less than 10 percent of businesses had this protection. According to the California Earthquake Authority’s CEO, Glenn Pomeroy, the standard insurance coverage for homes and businesses will not provide protection against the damage resulting from a tremor. This organization is nonprofit and works to offer homeowners in California affordable earthquake insurance products. Pomeroy also stated that among homeowners without any form…
Read MoreIs renter’s insurance necessary or a luxury for students living away from home?
The back-to-school season is upon us and college students across the country are moving into their new homes for the coming school year; a process that involves expensive personal possessions, such as computers, electronics, bicycles, clothing, and other personal items that would be costly to replace though they are highly prone to damage or theft. While some students already have protection through their parents’ homeowners insurance, many policies will not cover students who aren’t living on campus. That said, many tenants fail to realize that their property is not covered…
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