As California battles wildfires and severe drought, the threat of flooding may appear to be an unlikely cause for concern. A new study, however, warns that the state could be hit by a “megaflood” in the not-too-distant future, potentially putting millions at risk across the state. The study, published in Sciences Advances on Friday, discovered… Continue reading Climate Change Has Increased Likelihood of a Megaflood in California
Tag: homeowners insurance
SURE Expands to North Carolina Homeowners Insurance Market
SURE, the member-owned insurance company for reliable coastal property protection, today announced its coverage is now available in North Carolina. SURE’s North Carolina homeowners insurance is underwritten, distributed, and serviced by SageSure, the leader in catastrophe-exposed property insurance. “SURE was founded to answer the need for trusted property insurance in states with significant catastrophe exposure,”… Continue reading SURE Expands to North Carolina Homeowners Insurance Market
Aon Collaborates with the University of California to Enhance Wildfire Modeling
Aon plc, a leading global professional services firm, today announced a new collaboration between its Impact Forecasting team, the University of California, Merced and the University of California, Los Angeles to implement the latest climate change science and research into Aon’s U.S. wildfire catastrophe model. The collaboration includes research from some of the nation’s top… Continue reading Aon Collaborates with the University of California to Enhance Wildfire Modeling
Survey Says: 72% of Young Homeowners Expect Climate Change-Related Extreme Weather to Damage Their Homes in Next 30 Years
According to a new survey conducted by insurtech leader Policygenius, there is widespread concern about climate change-related extreme weather, particularly among young homeowners. Nearly three-quarters (72%) of young insured homeowners (ages 18 to 34) in the survey expect extreme weather to damage their homes in the next 30 years (describing it as very or somewhat… Continue reading Survey Says: 72% of Young Homeowners Expect Climate Change-Related Extreme Weather to Damage Their Homes in Next 30 Years
Washington Judge Overturns Insurance Rate Credit Scoring Ban
A judge on Friday overturned a Washington state rule prohibiting insurers from using credit scoring to set rates for auto, homeowner and renter insurance. Insurance Commissioner Mike Kreidler adopted the rule in February, immediately drawing a legal challenge from insurer groups. The rule, which was set to take effect March 4, was paused while the… Continue reading Washington Judge Overturns Insurance Rate Credit Scoring Ban
Florida Creates Backstop to Protect Homeowners Insurance through Hurricane Season
If their insurers lose their financial stability ratings, Florida homeowners will not lose their insurance coverage or face forced policies — at least not during hurricane season. The Florida Office of Insurance Regulation announced today that the state will provide 100 percent backstop coverage of any claim left unpaid by a bankrupt insurer through the… Continue reading Florida Creates Backstop to Protect Homeowners Insurance through Hurricane Season
Demotech Ratings Agency Downgrade of Florida Insurers Delayed
An expected potential downgrade of more than a dozen Florida insurers by the ratings agency Demotech, which was originally scheduled to be released on Tuesday, is delayed, according to the company. “Due to various circumstances, Demotech will not take any rating action, including affirmation, downgrade, or withdrawal until further notice,” stated Joe Petrelli, President of… Continue reading Demotech Ratings Agency Downgrade of Florida Insurers Delayed
Florida Insurers Face Ratings Change that Could Raise Costs
Demotech ratings agency has plans to downgrade more than two dozen Florida-based property insurance companies in a move that could cost more money for homeowners with loans. The ratings firm Demotech plans to downgrade the 27 insurers (not 17 as originally reported) from an “A” rating to ratings of either “S” for substantial or “M”… Continue reading Florida Insurers Face Ratings Change that Could Raise Costs
U.S. Personal Lines Insurance Results Pressured by Rising Inflation, Costs
According to a new report from Fitch Ratings, the unpredictable macroeconomic backdrop continues to pose a challenge to US personal lines insurers. Insurers are adjusting pricing and underwriting in response to poor results, but improvement in the auto line may be slow. Profits in auto insurance, which were the highest in at least 25 years… Continue reading U.S. Personal Lines Insurance Results Pressured by Rising Inflation, Costs
Inflation Likely to Force Homeowners & Auto Insurance to Increase
There doesn’t appear to be any good news about inflation on the horizon for consumers. When they receive their homeowner and auto insurance renewal contracts this year, they will most likely discover that their rates have increased significantly. Rates vary by location, making it difficult to predict how much they will rise. Analysts predict that… Continue reading Inflation Likely to Force Homeowners & Auto Insurance to Increase