In the midst of a property coverage crisis, he has stated that he won’t be running again. While Louisiana continues to scramble to keep on top of a property coverage crisis, Insurance Commissioner Jim Donelon has announced that he does not intend to seek re-election to a fifth term in the fall. This announcement is likely to generate greater interest in what will already be a heated race. The unexpected announcement arrived in the midst of Donelon’s efforts to keep Louisiana out of a potential property insurance market collapse. Since…
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Louisiana home insurance special session called by Governor John Bel Edwards
The governor is hoping this special legislative session will set the state up to overcome its crisis. Louisiana Governor John Bel Edwards has called a special session of the state Legislature to take control over the home insurance crisis. The session is slated to start on January 30 and will continue until no later than February 5. The governor’s move aligns with Insurance Commissioner Jim Donelon’s statement made to a key legislative committee last Friday, when he said that a special session will be critical to overcoming the property and…
Read MoreTreasury Department investigates insurance coverage impact of climate change
Concern is rising over the harm increasingly extreme weather is having on property rates and availability. The US Treasury Department is addressing rising concern over the impact of climate change on the availability and affordability of property insurance in disaster-prone areas. The Treasury is now launching the first nationwide insurers’ financial exposure assessment to climate risk. A preliminary email was issued by the Federal Insurance Office to regulators in every state. The email requested the data they had available for insurance coverage, liabilities and losses across the last half decade…
Read MoreHomeowners’ insurance customers reminded of bear risk
North American species have learned that places humans inhabit are areas where food can be found. The United States is home to a spectrum of types of bears as well as their subspecies, and homeowners insurance customers are reminded that these animals are dangerous and can cause substantial property damage. The American Black Bear alone is distributed throughout the country with 16 different subspecies. The overall population of the American Black Bear is as high as 900,000, primarily found in forested and mountainous parts of the country. When they’re living…
Read MoreFlorida property insurance could get special legislative session
Lawmakers are calling for the opportunity to work on this critical state in the issue. Senator Jeff Brandes (R-St. Petersburg) has formally asked his colleagues to support the call he made to hold a special legislative session to focus on the Florida property insurance crisis. The state has been losing insurers as they withdraw or go into liquidation. “We can no longer wait on this issue,” said Brandes, who issued a “template letter” to his colleagues so those lawmakers could send it to the Department of State. The goal is…
Read MoreFlorida homeowners’ insurance inspections from Citizens soon to explode
The property insurer of last resort plans to make substantial eligibility and underwriting changes too. Florida homeowners’ insurance company of last resort, Citizens, has announced that it is likely to substantially increase its property inspections over the next four years in an effort to reduce its exploding exposure level. The company wants to trim back the number of policyholders it is carrying across the state. Citizens is expanding its effort to reduce its Florida homeowners’ insurance exposure while it hacks back the number of properties it is covering. It intends…
Read MoreCentral Pacific Hurricane Season has started, so it’s policy review time
Insurance companies in Hawaii are reminding homeowners to ensure they’re covered. The Central Pacific Hurricane Season has begun, and Hawaii insurers are reminding homeowners to make sure they have adequate insurance coverage. The state insurance commissioner has also reminded owners and renters to review their policies. Reviewing a policy at least once per year to ensure that coverages and exclusions are appropriate for covering a homeowners property and possessions is highly recommended. Hawaii Insurance Commissioner Colin Hayashida has reminded state residents of the importance of this annual practice, particularly as…
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