Tag: US home insurance industry

USAA and Farmers homeowners insurance rates spike by almost 15 percent

G. Turner
Homeowners insurance - Rates rising

A new S&P Global Market Intelligence report showed that the insurers were charging much higher premiums. The United States Automobile Association (USAA) and Farmers Insurance Group have raised their homeowners insurance rates by an average of almost 15 percent in 2023, according to a recent report. That increase is notably higher than all other major insurers in the United States. According to the October 3 S&P Global Market Intelligence report, the average increase in homeowners insurance rates across the country up to August was 8.8 percent. That said, through to…

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Travelers Insurance company sees catastrophe losses double

Logan B.
Insurance company - Home insurance losses double

The insurer’s size often means that it is viewed as a reflection of what the industry is experiencing. Travelers Insurance company has announced that its catastrophe losses have doubled in its most recent quarter, and the insurer experienced a loss as severe wind and hailstorms struck several regions and brought on an increase in claims. Claims have been rising because of the impact of climate change on natural disasters. The rising frequency of claims relating to extreme weather, such as wildfires, hurricanes, hail and high winds are causing disruptions throughout…

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As home values fall, homeowners’ insurance rates will keep rising in 2023

Marc
Homeowners’ insurance rates - Low home value

A new Insurify report has predicted falling values, rising premiums and upside-down mortgages. As home market volatility continues to stomp its way through this year, homeowners’ insurance rates will be rising even as the home values themselves drop, said a recent Insurify report called the 2023 Insuring the American Homeowner report. The price paid for individual policies is continuing to climb and policyholders should expect to pay more. “The cost of individual policies is rising. Homeowners may notice an increase of hundreds of dollars for one year to the next,”…

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