Insurance Exodus Update: Why Iowa is Losing Its Insurers Now

Insurance Exodus - Iowa

The recent departure of multiple insurance companies from Iowa’s homeowners’ market has sent shockwaves through the state. The New York Times reported that insurers are pulling out due to severe financial losses driven by unprecedented weather patterns. This move raises significant concerns for homeowners and demands a closer look at what has led to this exodus. The Insurance Turmoil Caused by Climate Change The insurance turmoil caused by climate change — which had been concentrated in Florida, California, and Louisiana — is fast becoming a contagion, spreading to states such…

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Florida Homeowners Insurance Market Sees Promising Shift with Depopulation Program

florida insurance homeowers

The landscape of Florida’s homeowners insurance industry is undergoing significant changes as private insurers have absorbed 275,324 policies from the state-run Citizens Property Insurance Corp so far in 2023. These changes, spotlighted during the recent Citizens Board of Governors meeting, demonstrate a strategic attempt to balance the market through a process called “depopulation.” What Depopulation Means for Consumers For consumers, the depopulation program has a direct impact on their insurance decisions. Here’s what it boils down to: if a private insurance company extends an offer that exceeds a policy owner’s…

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Allstate Changes Down Payment After Insurance Settlement

allstate downpayment reinstated

Allstate, the insurance giant based in Northbrook, Illinois, has made a significant change to its down payment policy for new auto insurance policies. The move comes after a settlement with the California Department of Insurance regarding the insurer’s rate increase application. The Former Down Payment Restriction In July 2022, Allstate began requiring consumers to pay a 50% down payment on new auto policies. This policy represented a substantial upfront cost for consumers, given that the average annual cost for car insurance in California ranges from $1,500 to $1,999, according to…

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