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…
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Under new Environmental Protection Agency emission standards, a projected 56% of new vehicle sales will be electric by 2032. Full coverage for gas-powered vehicles costs an average of $210 per month, compared to $251 for EVs.EVs cost an average of $55,353— 14% more than the average transaction price for all new vehicles, according to Kelley Blue Book.
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…
California and Florida— two of the largest, most populous, and economically robust states— account for 3.5% and 8.8% of the country's total shoreline area, respectively. Florida, meanwhile, has instituted policy adjustments to crack down on the industry fraud that was costing insurers. And, as California and Florida struggle with these challenges, data suggests…
Editor's note: The U.S. has adjusted tariff policies since this report was published, changing the estimated impact on car insurance costs. Tariffs on Canada and Mexico will likely change how much Americans pay for full-coverage car insurance. The U.S. leans heavily on its bordering neighbors for auto parts and assembly, and Insurify experts say a 25% tariff on…
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…
More than 9% of all U.S. properties— including homes and businesses— are at risk of experiencing at least one flood of a depth of one foot or more every year, according to the Congressional Budget Office. Since 1998, 99% of U.S. counties have experienced a flood, with more than 40% of flood insurance claims coming from areas considered at lower risk for flooding, FEMA…
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…
The Ford F-150 costs 11% less to insure than the U.S. average, with an annual full-coverage premium of $2,069 compared to $2,329. Ford F-150 insurance is the most expensive in South Carolina, with an average annual premium of $3,011. F-150 rates are still 10% lower than the $3,336 statewide average for full coverage.New Hampshire drivers pay the least overall…
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.
AM Best will deliver its latest perspectives, examining trends in the global insurance industry, together with an outline of Italy’ s insurance market segment outlooks, in a market briefing scheduled for 17 June 2026, in Milan, Italy. The market briefing this year is scheduled to take place from 9:30 a.m. to 2:00 p.m. at The Westin Palace Milan, and will feature…
As natural catastrophes and severe weather events continue to expose more homeowners to property damage and recovery challenges, the Insurance Information Institute and the National Insurance Crime Bureau are urging consumers to remain vigilant against contractor fraud during Contractor Fraud Awareness Week, May 18-22, 2026.. “After a disaster,…
Pacific Life Insurance Company announced that it has launched Pacific Admiral VUL 2 1, a new flagship variable universal life insurance product. “Pacific Admiral VUL 2 represents the next generation of our VUL offerings, building on the strengths of our prior products,” said Sim Zady, vice president of life product development, Consumer Markets, Pacific Life.“…
Average annual rate increases for U.S. private passenger auto and homeowners’ policies shifted back to pre-pandemic levels in 2025, following years of large increases amid elevated losses in each line of business, according to a new AM Best report. “The improvement experienced by U.S. homeowners’ insurers has been driven by both aggressive rate increases and…
General Indemnity Group, an insurance holding company specializing in commercial and contract surety solutions in all 50 states, today announced the signing of a definitive agreement for its acquisition by CopperPoint Insurance Company, a leading specialty provider of workers’ compensation and commercial insurance solutions. The transaction includes…
Credit Credit card companies record nearly every customer-service call, and those recordings can become powerful evidence during disputes, fraud investigations, payment negotiations, or account reviews. One careless sentence can trigger account restrictions, weaken a fraud claim, or even make a late-payment situation worse. Banks train representatives to document conversations…
