Another home insurance provider will reduce future coverage in California, as other companies have done in previous months in response to costly wildfires.
Tag: home insurance
More Americans Are Opting Out of Buying Homeowners Insurance
Homeowners are increasingly forgoing home insurance, gambling that the likelihood of a disaster isn’t high enough to justify the cost of a policy.
More Americans Are Losing Homeowners Coverage Due to Storms, Lawsuits and other Factors
Many Americans should start planning now for the growing possibility that their home-insurance provider won’t renew their coverage.
Velocity Risk to Exit the Homeowners Insurance Market
Velocity Risk Underwriters, the catastrophe exposed property insurance specialist managing general agency (MGA) operation, is set to exit the homeowners insurance marketplace.
State Farm Will No Longer Provide Home Insurance to New CA Customers
State Farm will no longer provide home insurance to new California customers because of wildfire risks and an increase in construction costs, the company said Friday.
Home Insurance Premiums Rise as Americans Flock to Weather-Worn States
Americans are moving fastest to Florida, Texas and other states most at risk for climate-related natural disasters despite rising home insurance premiums.
Hurricanes Moving Farther North to Pummel Millions More U.S. Homes
According to new research, shifting weather patterns influenced by climate change will push strong storms up the East Coast, increasing wind speeds and damage from gusts.
Cat-exposed Homeowner Risks Continue to Experience Large Rate Increases
The composite rate for all personal lines coverages increased 5.2% in the fourth quarter of 2022, a rate which held steady for most of the entire year.
Travelers Posts Net Income Decline in 3Q Amid Hurricane Claims, Lower Investment Returns
Travelers Cos. reports a 31% drop in net income in the third quarter, as Hurricane Ian claims weighed on results and net investment income fell from an unusually strong year-ago quarter. The company said its catastrophe costs increased 11% year on year to $512 million pretax, net of reinsurance, during a difficult quarter for the… Continue reading Travelers Posts Net Income Decline in 3Q Amid Hurricane Claims, Lower Investment Returns
Homeowners Segment Well Capitalized but Weather Events Pose Significant Uncertainty: AM Best
The homeowners insurance segment in the United States has generated operating profits in three of the last five years, with a net profit of nearly $2.5 billion expected in 2021. However, according to a new AM Best report, the segment could face challenges, with Hurricane Ian affecting 2022 results. “U.S. Homeowners Line Well Capitalized but… Continue reading Homeowners Segment Well Capitalized but Weather Events Pose Significant Uncertainty: AM Best