Nearly a year after the deadliest and costliest wildfire in U.S. history, insurers and the customers they cover are revisiting how to reduce their collective exposure to this risk, according to the Insurance Information Institute (I.I.I.). “While our research has been in the works for the last year because of California’s catastrophic wildfires in 2017… Continue reading Reducing U.S.’s Wildfire Risks Will Require Concerted Action
Tag: home insurance
More Californians Could Lose Home Insurance After Wildfires: WSJ
A new wave of wildfires is likely to reduce the availability of home insurance in vulnerable areas of California. Home insurance already became scarce and expensive in some regions after insurers’ massive payouts for wildfire losses in the state in 2017 and 2018. Home insurers have declined to renew tens of thousands of home-insurance policies… Continue reading More Californians Could Lose Home Insurance After Wildfires: WSJ
Evacuations Underway in Los Angeles as Getty Fire Threatens Thousands of Homes
A growing brush fire was threatening thousands of homes in Brentwood and other hillside communities on the westside of Los Angeles, burning homes and prompting widespread evacuations early Monday. The Getty fire broke out shortly after 1:30 a.m. along the 405 Freeway near the Getty Center and spread to the south and west, rapidly burning… Continue reading Evacuations Underway in Los Angeles as Getty Fire Threatens Thousands of Homes
Are Adjusters Cheating California Wildfire Victims?
Two wildfire victims are suing California’s top insurance regulator, alleging the state failed to protect Californians from unscrupulous, out-of-state adjusters working illegally in California who mishandled claims. The Department of Insurance is fighting the case in court, saying in documents that the suit is “an attempt to manufacture a ‘crisis’ that does not exist.” Yet… Continue reading Are Adjusters Cheating California Wildfire Victims?
Unprecedented Power Outages Begin in California as Winds Bring Critical Fire Danger
In an unprecedented move, Pacific Gas & Electric early Wednesday began shutting off power to about 800,000 customers across Northern California in an attempt to avoid wildfires caused by winds damaging power equipment. The power cutoffs started in several counties around Sacramento, including Placer and Yuba, amid increasing winds. Officials said cutoffs will continue throughout… Continue reading Unprecedented Power Outages Begin in California as Winds Bring Critical Fire Danger
AAIS and Munich Re Partner to Help Close the Flood Insurance Gap in the U.S.
AAIS (American Association of Insurance Services), the only national not-for-profit insurance advisory organization, today announced a new partnership with Munich Reinsurance America, Inc. (Munich Re), one of the world’s largest reinsurers, that will focus on improving flood insurance for U.S. homeowners. As the risk of flood continues to rise in the U.S., so too does… Continue reading AAIS and Munich Re Partner to Help Close the Flood Insurance Gap in the U.S.
Home Insurance Customer Satisfaction Declines, Opening Door for Insurtech Disruptors: J.D. Power Finds
Nearly three-fourths (74%) of homeowners insurance customers believe the industry needs improvement, with 13% of customers indicating that “radical improvement is needed,” according to the J.D. Power 2019 U.S. Home Insurance Study.SM The study also finds that overall customer satisfaction with home insurance has declined for the first time since 2015, creating an opportunity for… Continue reading Home Insurance Customer Satisfaction Declines, Opening Door for Insurtech Disruptors: J.D. Power Finds
Dorian Is Exposing an Insurance Gap in the Bahamas
The vast majority of damage caused by Hurricane Dorian to the Bahamas and other Caribbean countries is unlikely to be covered by insurance, which could slow recovery in the region. The storm ravaged the Bahamas as a Category 5 storm Sunday and Monday. It killed at least five people and destroyed thousands of homes. Dorian… Continue reading Dorian Is Exposing an Insurance Gap in the Bahamas
79% of Millennial Homebuyers Do Not Feel Properly Informed before Purchasing their First Home
Home ownership may be considered one of life’s most rewarding financial achievements, but new data from the Farmers Insurance® Seasonal Smarts Digest suggests younger homebuyers may be met with a dizzying maze of potential confusion once they reach this achievement. In addition to finding that almost eight in 10 (79%) millennial homeowners did not feel… Continue reading 79% of Millennial Homebuyers Do Not Feel Properly Informed before Purchasing their First Home
The Hartford Taps Cape Analytics for Home Data
The Hartford, property and casualty insurer, has partnered with with Cape Analytics to provide AI and geospatial imagery for property intelligence. The new partnership will allow predictive, comprehensive, and AI-based property information for better quoting, renewals and home inspections. Ben Rhodes, head of homeowners’ product for The Hartford, shared “We continue to invest in technology… Continue reading The Hartford Taps Cape Analytics for Home Data