Property insurance rates on the rise. Marsh & McLennan Companies, a global risk and insurance services firm, has begun claiming that property insurance rates all over the world are on the rise. The increase in these rates suggests a solidifying of the global market and could be an implication of an improving economy. Marsh notes that consumers are paying more for their insurance coverage due to the high frequency of natural disasters in the past two years. Another factor that is contributing to higher rates the way insurance companies are…
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Insurance rates in Missouri to rise after troublesome year of natural disasters.
Missouri residents can expect to see higher rates for their homeowners insurance in the coming months thanks to the major disaster that struck the town of Joplin early last year. On May 22, 2011, a massive tornado rolled through Joplin, causing unprecedented damage throughout the town causing many businesses to shut down and leaving nearly a third of the town uninhabitable. The tornado cost the state millions of dollars in insured losses, and now insurers are looking to recovery some of that money. Several insurers have proposed rate hikes between…
Read MoreHomeowners insurance premiums on the rise
Insurance rates are increasing all across America. Homeowner’s policies, automotive and healthcare have all seen sizeable increases over the last few years. It’s looking like 2011 will be no different; several states will be seeing moderate to substantial increases to their homeowner’s policies. Homeowner’s across the United States have been seeing an increase in premiums for several years. The first major increase was due to the 2004 and 2005 hurricane season; the damage in those two years (especially from hurricane Katrina), caused massive claims and payouts. Many agree that as…
Read MoreFlorida Property Insurance Reform Underway
In Tallahassee Florida, the fight for the insurance reform could mean an expensive cost of millions of dollars to the concerned customers during the legislative session. According to the private insurance industry, Citizens Property Insurance – a government run company, should raise its rates to its customers as well as reduce the coverage for them since they cannot possibly compete with these. The state lawmakers are now considering this and it could lead to a rapid increase of payments for the residents of Tallahassee. Similar changes have been noted, such as…
Read MoreProperty insurance rates getting more and more competitive
Homeowners may actually start getting a break on their insurance policies; at least in Louisiana. A few new insurance companies have started business there; where just a few years ago they were closing shop and leaving. The homeowner’s didn’t have a lot of choice as far as insuring their homes; if they could get coverage at all. Now it looks like change is on the way. A survey done in 2008 showed Louisiana had the third highest insurance rates in the nation; leaving homeowner’s paying an average of $1400…
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