Live Insurance News

Homeowners insurance in Colorado to experience massive reforms

November 21, 2013November 19, 2013 G. Turner

Colorado homeowners insurance industry wildfires

The tremendously destructive wildfires in the state have caused underwriters to come together to overhaul the system. Over the last three years, Colorado has experienced devastating wildfires that have ignited an overhaul of the state’s homeowners insurance system, in the hopes that consumers might begin seeing some positive changes over the next few several weeks. The situation in the states has undergone a considerable change that has brought coverage to the spotlight. According to Carole Walker, the Rocky Mountain Insurance Information Association executive director, “The cycle of natural disaster has…

Homeowners insurance rates spike following last year’s bushfires

October 30, 2013October 28, 2013 G. Turner

Tasmania Brushfires homeowners insurance

The cost of coverage has soared in Tasmania after the massive disaster of last summer. The massive bushfires in Tasmania that made headlines throughout the summer season, last year, are now having an impact – quite a dramatic one, in fact – on the prices that are being paid for homeowners insurance coverage. Property owners in the Tasmanian region are now seeing considerable increases at the start of this summer. In fact, the homeowners insurance premiums in Tasmania are now rising far higher than people in Western Australia and Victoria,…

Insurance industry members hire private fire crews

October 2, 2013September 30, 2013 G. Turner

The insurers are doing what they can to help protect multimillion dollar homes in the western U.S. Private firefighting crews have now been hired by firms in the insurance industry to help to provide greater protection for multimillion dollar homes located in the western United States. This has occurred through a specific wildfire protection program designed to lower the risk for wealthy homeowners. The belief of these companies in the insurance industry is that the cost is actually lower for providing this defense for the higher end homes than it…

Insurance industry estimates damage of Black Forest Fire at $300 million

July 18, 2013July 16, 2013 Marc

Insurance industry suffers fresh blow from Black Forest Fire A major wildfire has caused significant damage in Colorado. The disaster is being called the Black Forest Fire and was first sparked on June 11. The fire lasted until June 20 and is being considered the worst wildfire in the state’s history. The insurance industry has been working to assess the damage caused by the disaster since the fire had been effectively contained. This week, the Rocky Mountain Insurance Information Association has released a preliminary assessment of the damage caused by…

Fire insurance costs remain steady regardless of payouts

July 9, 2013July 8, 2013 H. Cutner

Though there have been a large number of payments required due to wildfires, costs are level. Wildfires have been an immensely destructive force throughout the American West in 2013, and while fire insurance payments have been considerable, it still looks as though the costs in this sector will remain steady. The latest predictions are that this will be yet another year of payments in the hundreds of millions of dollars. The losses are predicted to be in the hundreds of millions from the wildfires this year, leading to yet another…