The insurance problem is more acute in California, Louisiana and especially Florida. Since 2017, about a dozen home insurers in Florida have closed up shop or stopped selling new home-insurance policies. Although AAA continues to write new policies in Florida, it is doing so only in those portions of the state it deems to be at lower risk.
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Home insurance rates in Florida far outpaced inflation over the 18 months that ended on Dec. 31, but the rate of increase slowed in the fourth quarter of 2023 to its lowest point of the period. According to an analysis by the South Florida Sun Sentinel of publicly released data by the Florida Office of Insurance Regulation, the statewide average premium to insure a…
After Ida, she had to pay $10,000 to Citizens, the state insurer of last resort, to insure her house while it was under construction. A new policy with a private insurer isn't much cheaper, at $8,000. Coming on top of federal Small Business Administration loans and a mortgage, her family's finances are being stretched thin.
Projections of a very active and dangerous hurricane season aren't lost on Dave Hollomon. Florida's sky-high property insurance rates are taking their toll on everyone and it seems a number of people whose homes are paid for are rolling the dice on a hurricane-free season, in Southwest Florida at least. "We had a claim after Ian with Citizens and it all worked out…
Insuring the future: Why agility is key in a changing climate
The climate crisis is intensifying insurance risks, and carriers must adapt an agile approach to risk management.
By Carleen Johnson| The Center Square. –On the heels of a double-digit increase last year, Washington state drivers can expect to pay even more for auto insurance this year. "There are a couple of reasons for this," said Aaron VanTuyl, communications director with the Washington State Office of the Insurance Commissioner.
Edmond Jordan, D- Baton Rouge, said he filed HB 672 in response to a series published in January by the Times-Picayune— The Advocate that found 11 of the 12 firms that went belly-up used an affiliate model that has come under scrutiny by regulators. Jordan's bill, which advanced out of the House Insurance Committee Thursday without objection, would require…
The current face of this crisis is a nationwide withdrawal by the insurance industry from regions threatened by wildfires and hurricanes, particularly along the Gulf Coast and California. A structure is engulfed in flames as a wildfire called the Highland Fire burns in Aguanga, Calif., Oct. 30, 2023. A record number of billion-plus dollar weather disasters hit…
Following legislative reforms designed to promote market stability, eight property and casualty insurers were approved to enter Florida’s insurance market,…
the rate making policies in California, on March 20, State Farm. residential and rental insurance policies in California. Less than a year ago, State Farm announced it would not be writing any.
San Diegans from thousands of households impacted by the flood on Jan. 22 are being encouraged to sign up for aid through the Federal Emergency Management Agency. Am I eligible for FEMA funding? The Biden administration made an emergency disaster declaration for California on Feb. 19, making federal funding available for San Diego County and allowing all…
The deadly collapse of Baltimore "s Francis Scott Key Bridge could rival or beat the maritime industry" s largest-ever financial loss, with insurance claims expected to reach $1 billion or more. "It" s going to be a big claim, and the big number there is the potential cost to rebuild the bridge, "said John A. Miklus, president of the American Institute of Marine…
On Monday, Representatives Mike Thompson and Doug LaMalfa introduced the Disaster Resiliency and Coverage Act of 2024, legislation providing homeowners in disaster-prone regions with broad incentives to harden their properties against wildfires and other risks. The legislation is intended to help address the ongoing insurance crisis in California…
Apr. 2— With U.S. insurance claims escalating amid extreme weather and wildfires, Connecticut homeowners rates could rise by 9 percent on average this year according to a new report— one of the dozen biggest increases in the nation on the heels of four straight years of increasing property and casualty insurance claims by Connecticut policyholders.
Tallahassee- A federal judge has rejected a request by Florida and other states for a preliminary injunction to block changes to the National Flood Insurance Program that have led to higher premiums for many property owners— though he ruled that a broader legal battle can continue. The lawsuit, led by Louisiana and including Florida and eight other states, was…
The CZU Lightning Complex wildfire that burned through the Santa Cruz Mountains in late summer 2020 was a wakeup call for Frank Bauerle.
Insurers should review their tax-exempt holdings
Insurance companies have been allocating away from tax-exempt bonds in response to lower corporate tax rates and rich tax-exempt valuations.
Some states could see home insurance increases as high as 23%, study finds
More home insurance increases are expected this year, with a potential 6% nationwide increase expected, according to a recent study.
American homeowners will face continued increases in home insurance costs amid a backdrop of escalating climate-related events and economic pressures, according to Insurify’s latest Home Insurance Projection report.
$1.6 trillion in U.S. homes uninsured, mostly among Hispanic and African-American families
One in 13 American homes – equivalent to $1.6 trillion in uninsured home value – does not have home insurance coverage, a new report finds.