Homeowners insurance policies generally cover mold damage if it’s caused by a peril covered under the policy, such as a burst pipe. However, damage resulting from neglect, flooding, or high humidity is typically excluded, creating potential gaps in coverage.
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Louisiana Advances Insurance Tort Reform to Combat Rising Costs
Louisiana lawmakers have passed insurance tort reform legislation aimed at reducing insurance costs by limiting lawsuits and capping damages.
Insurance Industry Pushes Back Against New Retirement Saver Protections
The insurance industry is successfully challenging proposed regulations that would enhance protections for retirement savers. These regulations were aimed at increasing transparency and limiting conflicts of interest.
UIP Launches New Digital Broker Portal for Salons and Spas
Universal Insurance Programs (UIP) has launched an enhanced rating system and online quoting portal for its salons and day spas program, powered by INSTANDA’s no-code digital platform.
Modernizing Insurance Licensing: Navigating Growth and Regulatory Changes
As the insurance industry continues to evolve, the need for modernizing and streamlining insurance licensing processes has never been more critical.
Mike Falvey to Become Executive Chairman of Falvey Insurance Group in 2025
Effective January 1, 2025, Mike Falvey will step down as CEO of Falvey Insurance Group and assume the role of Executive Chairman. He will continue to offer strategic guidance and oversight in this new capacity. Jack Falvey, currently the COO, will be promoted to CEO.
GATC Develops Specialized Insurance for Clinical Trials
GATC Health has created a specialized insurance policy for clinical trials, addressing a significant gap in the market. This new coverage is designed to mitigate risks associated with clinical research, providing a safety net for companies involved in drug development.
FEMA Plans Overhaul of Flood Insurance Discount Program
FEMA is set to revamp its Community Rating System (CRS), which offers flood insurance discounts based on community efforts to reduce flood risk.
Insurance Shortages Impact Tow Truck Pricing Debate
Tow truck operators are citing a lack of affordable insurance as a key factor in the ongoing price-gouging debate. The high cost and limited availability of insurance coverage are driving up operational expenses for these businesses.
Aerosmith Tour Cancellation Highlights Importance of Event Insurance
Aerosmith’s tour cancellation due to Steven Tyler’s health underscores the role of event cancellation insurance provided. Paul Bassman, managing director at Higginbotham Insurance, explains the financial implications for insurers facing significant payouts from such unforeseen events.