Hurricane Ian’s storm surge flooded homes on Florida’s west coast, leaving mold, muck, mud, and a flood insurance nightmare for residents who want to rebuild. Many Floridians who experienced extensive flooding did not have a separate flood insurance policy to cover the storm’s damage. It has left homeowners — and even renters — with a… Continue reading Hurricane Ian Exposes Flood Insurance Nightmare in Florida
Tag: homeowners insurance
High Auto Insurance Premiums Hurting Product Bundling
The future of the home and auto insurance bundle, once a mainstay of property and casualty (P&C) insurance customer retention and lifetime value strategies, is in doubt as legions of customers begin to split their policies. Rapidly rising auto insurance premiums, according to the J.D. Power 2022 U.S. Home Insurance StudySM, are largely to blame… Continue reading High Auto Insurance Premiums Hurting Product Bundling
Lemonade Goes Abroad to the UK
Lemonade, an insurance company powered by artificial intelligence and social impact, has launched in the United Kingdom. Residents in the United Kingdom can now obtain Lemonade Contents insurance instantly, from anywhere, on any device, and file claims and receive payment in seconds. “We believe the millions of local renters will appreciate what Lemonade has to… Continue reading Lemonade Goes Abroad to the UK
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
CA Commissioner Lara Submits First-in-Nation Wildfire Safety Regulation to Drive Down Insurance Costs
Insurance Commissioner Ricardo Lara submitted his insurance pricing regulation to the California Office of Administrative Law that would recognize and reward wildfire safety and mitigation efforts made by homeowners and businesses. The regulation is the first in the nation requiring insurance companies to provide discounts to consumers under the Safer from Wildfires framework created by… Continue reading CA Commissioner Lara Submits First-in-Nation Wildfire Safety Regulation to Drive Down Insurance Costs
ADT Secures More than $1.5B Investment from State Farm, Google
ADT Inc has received a $1.2 billion investment from State Farm as part of a partnership that it hopes will encourage the insurer’s many customers to purchase its smoke detection and anti-intrusion products. The company said on Tuesday State Farm would purchase 133.3 million shares, or a near 15% stake, at $9 apiece and get… Continue reading ADT Secures More than $1.5B Investment from State Farm, Google
Personal Insurance Shopping for the Most Part Subdued in Q2 2022
Auto insurance shopping was down 3% overall in Q2 2022 compared to Q2 2021. That trend was primarily driven by a significant decrease by higher-risk consumers, where shopping decreased 11%, compared to Q2 2021.TransUnion’s new Personal Lines Insurance Trends and Perspectives Report found property and auto insurance shopping in Q2 2022 was generally subdued, with… Continue reading Personal Insurance Shopping for the Most Part Subdued in Q2 2022
Home-Price Growth Decelerated in June
Home price increases slowed in June as mortgage rates rose, making homeownership less affordable. The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the country, rose 18% in the year to June, down from 19.9% the previous month. The housing market has cooled in recent months,… Continue reading Home-Price Growth Decelerated in June
United P&C Announces Plans to Exit Homeowners Insurance Market in FL, LA, TX & NY
United Property & Casualty Insurance (United P&C) of St. Petersburg has filed plans to withdraw from operations in Florida, Louisiana, and Texas, and plans to file a withdrawal plan in New York, according to its parent company, United Insurance Holdings Corp. (UPC). Demotech downgraded United P&C’s financial stability rating from “A” exceptional to “M” moderate… Continue reading United P&C Announces Plans to Exit Homeowners Insurance Market in FL, LA, TX & NY
Court Rules Insurers Can’t Hold Utility’s Tree Service Liable for Tennessee Wildfire Damages
A state appeals court has ruled that insurers cannot hold an electric company’s vegetation-management contractor liable for an estimated $45 million in claims by homeowners and businesses resulting from two wildfires in Tennessee’s Great Smoky Mountains. A three-judge panel of the Tennessee Court of Appeals upheld Wolf Tree Inc’s failure to inspect or remove allegedly… Continue reading Court Rules Insurers Can’t Hold Utility’s Tree Service Liable for Tennessee Wildfire Damages