The state released another regulation Monday aimed at easing California's home insurance crisis that will allow insurers to charge homeowners higher premiums to protect themselves from catastrophic wildfire claims. This will be the first time in California that insurers can include the cost of reinsurance in their premiums, though it is a common…
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It read, " California's plan to stabilize its home insurance market is now law. The headline writer clearly wondered whether this new law, promulgated by Insurance Commissioner Ricardo Lara and not by the usual set of state legislators, would work for homeowners, many of whom have seen their insurance policies cancelled over the threat of fires, both wild brush…
Stevens Point, Wis.- based Sentry Insurance has announced it has finalized the $1.7 billion acquisition of Nashville's The General. The seller of the locally based non-standard auto insurance company was American Family Insurance, the headquarters for which is located in Madison, Wis.. The acquisition will allow Sentry to bolster its NSA- focused Dairyland,…
Home insurance now costs $818 more per year on average compared to 2020, and Colorado now has the fourth-highest insurance premiums nationwide, according to a July research paper by Benjamin Keys and Philip Mulder. Colorado homeowners are also scrambling to stave off cancellation notices and keep their mortgages. In October, Trevor Donahue and Trish…
"This is a historic moment for California. With input from thousands of residents throughout California, this reform balances protecting consumers with the need to strengthen our market against climate risks. " Today, as climate risks escalate across the nation, reinsurance has become an even more imperative component of insurance companies operating in…
—Hundreds of thousands of California homeowners who have failed to find or lost access to home insurance as wildfires in the state become more destructive will once again be able to buy policies under a state regulation announced Monday. Major insurers like State Farm and Allstate have said they would stop writing new policies in California due to fears of…
"I want to make sure that impacted Floridians and insurance companies hear me loudly and clearly— we are watching," Senate President Ben Albritton, R- Wauchula, told senators last month. "don't want our state's insurance laws to be written by insurance companies," said House Speaker Danny Perez, R- Miami. Chip LaMarca, R- Fort Lauderdale, posted on X earlier this year that…
California’ s second-largest home insurer, Farmers Insurance, recently announced it will boost the number of home-insurance policies that it writes here this year by 2,500. In a normal insurance market, that shouldn’ t even be news. In California it was a major story because it signals the first sign of relief during a crisis that has seen top insurers fleeing our…
It has never been more expensive to own a pet, as evidenced by the Bureau of Labor Statistics reporting veterinary care prices skyrocketing 60% in the last decade. "The global veterinary care market size was estimated at $87.3 billion in 2023 and is projected to grow at a of 8% from 2024 to 2030," according to market research and consulting company Grand View…
Florida’ s new legislative leaders were sworn in last month, and addressing the insurance crisis seems to be at the top of their minds.“ I want to make sure that impacted Floridians and insurance companies hear me loudly and clearly— we are watching,” Senate President Ben Albritton, R- Wauchula, told senators last month. “don’ t want our state’ s insurance laws to be written…
Suzanne Bonamici has joined others in the Oregon congressional delegation in calling on the Federal Emergency Management Agency for an immediate pause on planned changes to the National Flood Insurance Program. In a letter addressed to FEMA Administrator Deanne Criswell last week, legislators urged the agency to engage collaboratively with the Oregon…
The Colorado Supreme Court delivered a decision with mixed benefits to insurance companies and policyholders on Monday, ruling that insurers' internal evaluations of claims cannot be used to prove how much they owe a plaintiff, but companies also cannot hide behind ambiguity to delay paying certain types of damages. The Supreme Court, in a 2018 decision,…
A news release from FEMA said more than 14,200 households applied and were approved for $24.4 million in assistance through the agency's Individuals and Households Program. The program is intended to provide financial assistance to victims who aren't able to meet their disaster-related needs through insurance or otherwise, FEMA said.
While there "s been much attention to rapidly rising insurance costs and policy non-renewals for California homeowners, the state also has seen increasing rates for auto coverage. Auto insurance rates across the U.S. and in California began rising last year, and though they leveled off nationally this summer, they "ve continued to climb in California, according…
The San Marcos City Council approved six to one with one absent, on the first of two readings, the amendment of the Flood Damage Prevention portion of the San Marcos City Code by adopting a preliminary map revision to the flood insurance rate maps at the regularly scheduled meeting. The city participated in updating models and studies with Guadalupe Blanco…
State Insurance Commission Tim Temple is pushing for a special session to tackle what he calls "serious insurance reform." "This is the deepest insurance crisis our state has ever faced," Temple said, stressing that premiums for property, auto and health insurance in Louisiana have continued to increase compared to other states. " Romero knows from personal…
Suzanne Bonamici has joined others in the Oregon congressional delegation in calling on the Federal Emergency Management Agency for an immediate pause on planned changes to the National Flood Insurance Program. In a letter addressed to FEMA Administrator Deanne Criswell last week, legislators urged the agency to engage collaboratively with the Oregon…
With rising homeowners insurance rates reaching crisis levels in Louisiana, Gov. The increase comes after two years of spikes more than double that amount that thrust Louisiana into a crisis, which has infiltrated the housing market and pushed some coastal communities to the brink. High insurance costs have morphed into a full-blown threat for communities…
Despite experiencing 90% of the nation's earthquakes, only 10% of California's residents have earthquake insurance, according to the Federal Emergency Management Agency. "I think a lot of people dropped their earthquake insurance because of the cost of home insurance," United Policyholders Executive Director Amy Bach said, referring to a yearlong bout with…
Nio Inc. (NYSE: NIO), a leading electric vehicle (EV) company in China, saw a strong rise in insurance registrations for its cars last week. Between December 9 and December 15, 2024, 4,400 Nio vehicles were registered for auto insurance. This marks an increase of nearly 19% compared to 3,700 registrations the week before. This boost shows that […]
