Tag: risk assessment

Homeowners Insurance Reimagined: The High-Tech Tools That Could Cancel Your Coverage

Marc
homeowners insurance and drones insurance tools

In-Depth Look at New Trends in Homeowners Insurance In today’s world, protecting your home means more than just locking your doors and installing a security system. Homeowners need to be vigilant about potential hazards not just on their property, but also how those hazards are perceived from above. Increasingly, insurance companies are using satellite imagery and drones to assess properties, identifying risks that might previously have gone unnoticed. Trampolines, debris on roofs, and even decorative ivy can now lead to coverage cancellation, often without warning. Nationwide Phenomenon It’s not just…

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Are auto insurance companies secretly spying on drivers with their phones?

Nordstrom
Auto Insurance - Spying

Common apps may be feeding insurers more info than motorists think Auto insurance companies have been offering discounts to drivers who use their apps to track their habits behind the wheel and prove that they are safe while they’re on the road. Other apps may also be feeding information to insurers According to a recent Business Insider report, auto insurance companies are learning about drivers’ habits even if those motorists haven’t signed up to be tracked.  The report stated that there is a slew of commonly used applications installed on…

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Warren Buffett thinks cyber insurance market could see “huge losses”

Marc
Cyber insurance - Losses

Berkshire Hathaway and its head see a chance that this market will experience struggles Berkshire Hathaway recently held its annual shareholder meeting in Omaha, and there, top exec Warren Buffett and top insurance exec Ajit Jain said that cyber insurance is too risky for the company. That particular market is currently quite profitable At the meeting, Jain underscored that while cyber insurance is profitable at the moment and has become “a very fashionable product,” the risks associated with investing in it are quite high.  He said that to date for…

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Florida’s home insurance market could suffer deeply if this happens in 2024

G. Turner
Hurricane season Ahead 2024 - Florida

If the hurricane season this year is an active one for the state, policyholders will pay the price Florida’s home insurance market has already been in crisis mode for the last few years, worsening with each passing hurricane season.  If this year is another active one, it could be “detrimental” to the market in the state. Unfortunately, predictions aren’t good Though predictions are far from fact, the current predictive models are indicating that there will be a number of storms during this hurricane season.  This is leading to rising concerns…

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Iowa homeowners insurance customers are the next to face this struggle

Marc
homeowners insurance - Person stressed - Iowa Site

California, Florida, and Louisiana property owners can relate to the Iowan coverage issues Homeowners insurance customers across Iowa are discovering that obtaining coverage isn’t as easy as it once was as a number of insurers have decided to take their business elsewhere. The companies have been leaving Iowa recently The homeowners insurance companies that have decided to leave the state say that they are doing so due to the rising number of severe storms the state is facing, and the skyrocketing costs associated with paying for the repairs.  According to…

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Gen Z’s Truth About Lying: A Tech Revolution in Insurance

G. Turner
Gen Z - Masks

In an unexpected twist, the high rate of insurance application falsifications by Gen Z has become a catalyst for technological advancements within the insurance industry. NerdWallet’s 2024 Insurance Dishonesty Report reveals that 42 percent of Gen Z-ers have admitted to lying on insurance applications to secure better rates. This trend, while initially alarming, is driving significant innovation in how insurers handle data and assess risk. Generational and Gender Perspectives on Insurance Dishonesty Emerging trends highlight a generational and gender divide in attitudes towards insurance dishonesty. Men are generally more inclined…

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3 Zip Codes Get The Worst of State Farm Non-renew Campaign in California

G. Turner
State Farm - Fire Risk Assessment - Bel Air

In an announcement that may reshuffle the deck for homeowners’ insurance across California, industry giant State Farm revealed a strategic shift in their coverage plans, affecting thousands of property and commercial apartment policies in the state. With implications extending to the very nature of wildfire and earthquake risk management, this move by State Farm is poised to remove billions in risk from the company’s books. Earthquake Aftermath Concerns Amplify Fire Risks in California While earthquake policies in California are indeed underwritten through the state-run California Earthquake Authority, State Farm’s heightened…

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