One leading, but little-discussed, cause of this coverage crunch: a big increase in the cost of reinsurance policies. Now all eyes are on a round of reinsurance renewals currently under way in Florida and elsewhere that will help determine whether more premium increases are in store for homeowners.
Tag: home insurance
Homeowners Insurers’ Net Combined Ratio Surges Past 110%
The US homeowners insurance industry posted its worst underwriting results in over a decade in 2023 as its net combined ratio surpassed 110.0%.
Deadly Houston Windstorm Estimated to Have Caused $5B to $7B in Damage: AccuWeather
AccuWeather, an Eyewitness News partner, revealed a price tag of $5 billion to $7 billion for the damage caused when a powerful storm line pushed across the Houston metropolitan area. As of Friday, seven people were killed throughout the city and Harris County.
NAMIC Applauds Pause to Fannie Mae, Freddie Mac Guidance Changes
The National Association of Mutual Insurance Companies welcomed the announcement today that government-sponsored enterprises Fannie Mae and Freddie Mac are delaying implementation of changes to guidance that would have drastically increased costs for millions of Americans.
PG&E Hit with $225M Lawsuit for Damage from Dixie Fire
A $225 million lawsuit has been filed against the Pacific Gas and Electric Company over damage caused during the 2021 Dixie Fire.
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.
CSU Predicts ‘Extremely Active’ 2024 Atlantic Hurricane Season
Weather forecasters at Colorado State University (CSU) on Thursday predicted an “extremely active” 2024 Atlantic hurricane season because of warm sea surface temperatures and less wind shear to break up storms in the summer and fall.
Florida Condo Prices Drop as Insurance Crisis Deepens
Sales of condos in Florida have plummeted in January even as prices fall amid high costs of home insurance, according to real estate platform Redfin.
Climate Change Has Hit Home Insurance. Is Health Insurance Next?
Climate change is making house insurance more expensive and harder to get. Health insurance could be next, as research shows extreme heat and wildfires are putting more people in the hospital.
Insurers Rake in Profits as Customers Pay Soaring Premiums
The pain for home- and auto-insurance customers is quickly becoming investors’ gain. Insurance giants’ shares and profits are hitting records, thanks in part to steep rate hikes.