After meteorologists predicted another active Atlantic hurricane season this year, insurance companies closed their doors in Louisiana and Florida, leaving thousands of homeowners in those storm-prone states without coverage. Storms have already taken their toll on the insurance market in Louisiana, making it a “tough place to do business,” according to Jeff Albright, president of… Continue reading Insurance Meltdown Leaves Homeowners without Policies and at Risk
Tag: homeowners insurance
Pandemic Housing Boom Puts More U.S. Buyers in Path of Wildfires
Americans looking for larger properties during the pandemic are moving to rural towns and suburbs — and driving up the price of homes with high fire risk. The median sale price of US homes with high fire risk was $550,500 in April, compared with $431,300 for homes with low fire risk, according to a recent… Continue reading Pandemic Housing Boom Puts More U.S. Buyers in Path of Wildfires
Price of Homeowners Insurance Jumps 34%
QuoteWizard®, a LendingTree company and one of the nation’s leading online insurance marketplaces, released their annual “State of Home Insurance” report. QuoteWizard found that the average price of home insurance has increased by as much as 34% in some states since 2021. QuoteWizard analyzed homeowners insurance rates from every major carrier in all 50 states.… Continue reading Price of Homeowners Insurance Jumps 34%
Moody’s Report: Inflation Squeezes Homeowners, Commercial Property Insurance Carriers
Higher construction material and labor costs have increased loss severity for homeowners and commercial property insurers, resulting in higher ex-catastrophe combined ratios by 2022, according to Moody’s Investors Service. Insurers are raising coverage levels and rates, but not nearly enough to cover rising construction costs. Catastrophes will also continue to shape the outcomes for these… Continue reading Moody’s Report: Inflation Squeezes Homeowners, Commercial Property Insurance Carriers
Homeowners, Roofers Sue Florida Insurance Regulators Over Policy Changes
Just one week before the Florida Legislature will reconvene in Special Session to consider an overhaul to the state’s property insurance laws, a nonprofit homeowners and independent contractor rights association sued the Florida Office of Insurance Regulation and two insurance companies. The lawsuit asserts that Florida Insurance Commissioner David Altmaier and Florida’s Office of Insurance… Continue reading Homeowners, Roofers Sue Florida Insurance Regulators Over Policy Changes
At Least 20 Homes Engulfed in Orange County, CA Blaze
A rapidly moving brush fire destroyed at least 20 homes and forced emergency evacuations in Orange County, California, on Wednesday in a devastating preview of the coming fire season. The fire in the city of Laguna Niguel started Wednesday afternoon and grew to about 200 acres as it ripped through mansions that sit along parched… Continue reading At Least 20 Homes Engulfed in Orange County, CA Blaze
Survey Finds Majority of Insured Homeowners at Risk of Being Underinsured Amid High Inflation & Increased Building Costs
A new survey for the American Property Casualty Insurance Association (APCIA), conducted online by The Harris Poll among over 1,000 U.S. homeowners who have a homeowners insurance policy, reveals a majority of insured homeowners have not taken important steps to ensure their insurance coverage is keeping pace with rising inflation and increased building costs, which… Continue reading Survey Finds Majority of Insured Homeowners at Risk of Being Underinsured Amid High Inflation & Increased Building Costs
Up to Two-Thirds of Homes Destroyed in Marshall Fire May Be Underinsured
According to preliminary estimates from Colorado’s insurance division, one-third to two-thirds of the homes destroyed in the Marshall Fire may have been underinsured for replacement costs (DOI). “One of the more troubling issues in the aftermath of the Marshall Fire has been the problem of underinsurance for people who lost their homes,” the Department of… Continue reading Up to Two-Thirds of Homes Destroyed in Marshall Fire May Be Underinsured
As Mortgage Rates Rise, Home Prices Hit a New High in March
In March, home prices in the United States reached a new high of $375,300, as mortgage interest rates rose and a lack of available homes stymied buyers. Prices rose despite a drop in previously owned home sales in March. The National Association of Realtors reported Wednesday that existing-home sales fell 2.7 percent in March from… Continue reading As Mortgage Rates Rise, Home Prices Hit a New High in March
Could Reform of Hurricane Catastrophe Fund Help Solve Florida Insurance Crisis?
Florida lawmakers will return to the state capitol next month to address the state’s property insurance crisis, and insurance experts say one proposal could save homeowners $150 per year right away. The short-term solution entails making insurance more affordable for insurance companies. The man behind the majority of Florida insurance company ratings paints a bleak… Continue reading Could Reform of Hurricane Catastrophe Fund Help Solve Florida Insurance Crisis?