Live Insurance News

Homeowners insurance rates to be affected by hurricane season

May 30, 2013May 28, 2013 H. Cutner

Property owners in Florida will be paying more for their coverage even though there haven’t been hurricanes in years. Despite the fact that Florida hasn’t been struck by a hurricane since 2005, the homeowners insurance rates are still on their way up as the season for these violent storms gets under way this year. In 2004 through 2005, the state was struck by eight different hurricanes, the last being Wilma. Hurricane Wilma slashed its way across the southern edge of the state and lead to billions of dollars in damage…

Homeowners insurance depopulation continues for Citizens

February 23, 2013February 21, 2013 Marc

Florida-run insurer continues to let go of homeowners insurance policies Florida’s Citizens Property Insurance continues to face significant challenges. The state-run organization has been one of the best, if not the only, places to find affordable homeowners insurance coverage for many Florida residents, especially those living near the coast. Over the past few years, the insurer has been grappling with dubious financial issues that have threatened to make it insolvent. Ordered to address this issue aggressively, the insurer has been actively depopulating itself of policies. 31,000 policies to be taken…

Windstorm Insurance Association in Texas may run out of cash if a big storm hits

December 29, 2012April 30, 2013

Estimates show that funds could run very short if certain areas are struck with damage. According to official estimates, the Texas Windstorm Insurance Association may find itself facing considerable shortages of funds if a hurricane strike Brownsville, Corpus Christi, or Galveston. This association is the insurer of last resort for tornado, hail, hurricane and other wind damage. The Texas Windstorm Insurance Association current provides coverage for over 267,000 owners of residential and commercial properties. Approximately 90 percent of its policies are for residential coverage. Also known as the coverage pool,…

Flood insurance opportunity for Sandy may have passed

October 29, 2012April 30, 2013

insurance news - atlantic hurricane season

Homeowners who want coverage against flooding should have already purchased their policies. In the human tradition of leaving things until the last minute, many families are rushing to fill their gas tanks, crowding grocery stores to stock up on the food they might need over the next little while, and are calling their insurers to find out what flood insurance they have against Hurricane Sandy. Unfortunately, for many, inquiring about coverage is something they should have done much sooner. Homeowners across the Northeast of the country are getting themselves ready…

Lawmakers convene to discuss Texas Windstorm Insurance Association

September 14, 2012September 14, 2012 Nordstrom

Texas Windstorm Insurance Association subject to examination Lawmakers met in Austin, Texas, this week to discuss the issues that are plaguing the Texas Windstorm Insurance Association. The state-run insurance provider has long been the best location for consumers to find affordable and comprehensive wind insurance policies. Coverage for wind damage is often not included in homeowner’s insurance policies in Texas, leaving many consumers without protection in the event of a powerful wind storm. Insurance Commissioner Eleanor Kitzman was present during the meeting to provide insight on the problems facing the…