Property taxes and home-maintenance costs are climbing in much of the country. Non-mortgage costs including property taxes, maintenance, utilities and insurance make up more than half of homeowners’ overall costs, according to a 2022 analysis by Fannie Mae economists. Worst of all, home insurance premiums are soaring. Rates rose by more than 10% on average in 19 states in 2023 after a series of big payouts related to floods, storms, wildfires and other natural disasters across the U.S.
Author: Annie George
Super Election Year Increases Risks of Political Violence, Warns Allianz
With an unprecedented ‘super-cycle’ of elections in 2024, almost half the world’s populations will go to the polls before the year is out. According to a new report from Allianz Commercial, security is a concern in many territories, not only from the threat of localized unrest but because of the wider-reaching consequences of electoral outcomes on foreign policy, trade relations, and supply chains.
U.S. Weighs Ban on Charging Home Buyers for Lender Title Insurance
A top U.S. consumer watchdog is considering whether to bar mortgage bankers from charging home buyers for title insurance that protects the lenders, ending a long-standing industry practice.
Companies Fall Short on Curbing Cybersecurity Risks from Vendors: Moody’s
Most companies and organizations in the U.S. and Canada fall short on limiting cybersecurity risks from third-party vendors even as they give cyber managers more clout and boost spending on averting attacks, Moody’s Investors Service said in a report.
Commercial Lines Price Increases Forecast to Moderate
Commercial lines pricing increases are anticipated to moderate, but remain positive in most segments through 2024, according to a report Tuesday from Fitch Ratings Inc.
Vehicle Thefts Surge Nationwide in 2023
Vehicle thefts continue to surge nationwide, challenging vehicle owners and law enforcement agencies hoping to curb this growing crime trend.
CAC Exec: Liability Fallout Will Take Years as Clean-up Begins for Baltimore Bridge Disaster
Insurance fallout from the collision of a container ship with the Francis Scott Key Bridge in Baltimore will take a decade or more to play out in the courts, said an executive with a commercial lines broker.
FL Homeowners Insurance Hikes Slowed at the End of 2023
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.
Zurich to Stop Insuring New Oil and Gas Projects
Zurich Insurance Group Ltd. said it will stop insuring new oil and gas projects.
Insurers Using Aerial Home Images to Assess Risk
Across the U.S., insurance companies are using aerial images of homes as a tool to ditch properties seen as higher risk.