California's auto insurance costs have climbed steadily over the past few years and could increase even more in 2025, when the state's higher liability insurance requirements begin. Previously, California was among the five states with the lowest requirements. The need to keep pace with higher vehicle repair and medical costs likely prompted California…
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Recoop Insurance offers a unique disaster insurance product in 47 states to homeowners and renters living in state-declared or federally declared disaster areas. Consumers can choose coverage plans ranging from $5,000 to $25,000. Sola covers up to $15,000 for any out-of-pocket costs and pays claims within days, using National Weather Service data to…
The U.S. war with Iran has added a new layer of uncertainty to the global economy. But disruptions from the conflict in Iran aren't likely to raise insurers' costs by that magnitude. If Americans drive 10% fewer miles in 2026, the average annual car insurance premium could fall to $2,209 by year's end.
Auto insurance is one of the most common types of insurance in the U.S. Nearly all states require drivers to have liability car insurance covering a minimum amount of property damage and bodily injuries resulting from accidents. Depending on the severity of the offense, penalties can include fines up to $1,500, driver's license suspension, vehicle…
Extreme weather, amplified by climate change, has raised insurer risks and insurance rates for U.S. homeowners, especially in the last decade. Florida, for example, sustained a staggering $237 billion in disaster damage from 2020 through 2024— increasing non-renewal rates and stoking the state's insurance crisis. California has its own insurance crisis…
This year, most Americans plan to use their tax refund toward financial goals, including car insurance. Last year, the IRS issued 102,122,000 tax refunds to Americans, averaging $3,052 per refund. The national average annual cost of full-coverage car insurance was $2,144 in 2025, a slight drop from the significant rate increases recorded between 2022 and 2024.
More than 84,000 California pet owners could see double-digit rate increases for their pet insurance coverage this year. In April, the state's Department of Insurance approved significant rate increases for Metropolitan General Insurance Company and American Modern Home Insurance Company. The rate hikes will apply to 22,578 Metropolitan policies and…
As of October, Idaho homeowners have seen a 17% rise in premiums in 2024, according to Insurify's analysis of home insurance data. Though Idaho homeowners still pay less than the national average for home insurance, the state's growing wildfire risk is driving up premiums. Idaho home insurance rates have increased by 17% in 2024— significantly more than the 3%…
New York drivers buying a new full-coverage car insurance policy may no longer face cancellation if they fail to submit photos of their vehicles to their insurance companies within 14 days. "Under the new law, inspections will be optional, so policyholders are not needlessly being required to have a photo inspection of their vehicle," said Ellen Melchionni,…
Florida law bars executive officers and directors who' ve worked for now-insolvent insurance companies from taking similar roles in the state's industry. Holding such a role is a violation of Florida law unless the parties are able to demonstrate their "personal actions or omissions were not a significant contributing cause to the insolvency."
Drivers routinely use their phones in the car to listen to music or get directions. But the devices may be listening back, tracking driving behavior, and ultimately sharing that information with insurers. A recent report from The New York Times named three popular apps— Life360, MyRadar, and Gas Buddy— as recording and sharing driver data with Arity, an Allstate-…
The insurance crisis is spreading as climate-related damage wreaks havoc across the U.S., driving up premiums in states that once had low-cost, widely available insurance. Billion-dollar events have factored into Texas home insurance premiums, which are the fifth-highest in the country.In 2023, a record-breaking 28 weather events caused more than $1…
Some widespread beliefs about car insurance are myths or misconceptions. Men have higher rates than women in all but a handful of states, but women pay a larger percentage of their average income toward car insurance in all states except Vermont and South Dakota. The average monthly full-coverage insurance rate is $176 for men, compared to $167 for women.
California has the 15th- lowest auto insurance rates in the U.S., but drivers have seen significant premium hikes in 2023. As a result, the average monthly cost of car insurance in California is $146, significantly less than the national average of $142, according to Insurify data. "Prop 103 kept rates artificially low for a lot of years in California," says Janet Ruiz,…
Telematics is an optional insurance product that offers discounts for safe driving, with consumers informed about how collected data factors into premiums.Your smart car's entertainment system, advanced safety feature sensors and cameras, GPS, devices connected through a USB, smartphone apps, and event data recorders provide data that could affect your…
Despite their reputation as a financially privileged generation, millions of baby boomers are slipping through significant cracks in the U.S. retirement system. The U.S. inflation rate, which surged to 9% in June 2022, has slowed to 3% as of June 2024— but years of price increases have wreaked havoc on retirees' budgets, requiring them to scale down significantly…
Since the beginning of the 2024 hurricane season, Citizens Property Insurance, Florida's insurer of last resort, picked up more than 20,000 home insurance policies in June and another 6,776 by mid-July, according to the insurer's data. This uptick is in direct contrast to Florida's legislative efforts to bolster the commercial home insurance market, reduce…
May 18-22 is Contractor Fraud Awareness Week, and the Michigan Department of Insurance and Financial Services is sharing tips to help consumers spot and avoid fraudulent contractor schemes when seeking help for repairs after damaging storms. "Michigan has experienced widespread severe weather events recently, and Contractor Fraud Awareness Week is an…
ANV Group Holdings Ltd., a global insurance intermediary platform, today announced the launch of ANV LaunchPad, an MGA incubator designed to partner with experienced underwriters to build scalable, long-term specialty insurance businesses. Hastings specializes in tax liability insurance and is led by Craig Farber and Russ Young, Co‑ Presidents of Hastings.
