LexisNexis® Risk Solutions released its sixth annual LexisNexis Home Trends Report, revealing that increasing extreme weather events are leading to more weather-related loss costs for U.S. homeowners and insurers. The 2021 LexisNexis Home Trends Report provides the trended by-peril home insurance data and location-based insights that insurance carriers may need to make informed risk assessments… Continue reading Report Reveals Catastrophic Weather Events Continue to Drive Losses for Home Insurance Industry
Tag: homeowners insurance
What Can Clients Do About the Rising Cost of Home Insurance
The cost of insuring a home is on the rise, forcing Americans to make tough decisions about whether to cut back on coverage or make big changes to save their wallets. The nationwide average annual premium for homeowners insurance is $1,398 today, as estimated by trade group Insurance Information Institute. The group says that from… Continue reading What Can Clients Do About the Rising Cost of Home Insurance
Millennials Team Up to Fulfill the Dream of Homeownership
Six months into the pandemic, Veronica Vest was having a serious home-buying urge. Ms. Vest, a 27-year-old project engineer, was tired of having to share a building with others, sick of paying rent and building no home equity—and dreaming of stretching her legs in her very own backyard. She and her boyfriend made an appointment… Continue reading Millennials Team Up to Fulfill the Dream of Homeownership
Home Insurers Struggle with Customer Loyalty as Boomers Flock to Rental Market, J.D. Power Finds
The great Boomer migration from home ownership to renting is upon us. About two-thirds of all rental housing growth between 2004 and 2019 was driven by adults age 55 and older, and that group now accounts for approximately 30% of the total rental market.1 According to the J.D. Power 2021 U.S. Home Insurance Study,SM released… Continue reading Home Insurers Struggle with Customer Loyalty as Boomers Flock to Rental Market, J.D. Power Finds
Commissioner Lara Protects Coverage for 325,000 Northern California Wildfire Survivors
Insurance Commissioner Ricardo Lara today ordered insurance companies to preserve residential insurance coverage for more than 325,000 policyholders who have been affected by devastating Northern California wildfires across 22 counties. This Order protects those living within the perimeter or adjoining ZIP Code of a declared wildfire disaster regardless of whether they suffered a loss, including… Continue reading Commissioner Lara Protects Coverage for 325,000 Northern California Wildfire Survivors
Home Insurance Provider Orion180 Launches in Tennessee, Expanding Its Presence in the Southeast
Orion180, a rapidly growing homeowners insurance provider leveraging advanced technology to serve independent insurance agents in the Southeastern U.S., today announced its expansion into the Tennessee market. Now, insurance agents and homeowners in Tennessee can access the provider’s simplified coverage, which enables real time quoting, binding, and issue functions in a matter of minutes. Headquartered… Continue reading Home Insurance Provider Orion180 Launches in Tennessee, Expanding Its Presence in the Southeast
Insurers Could Be Fined for Refusal to Cover Hurricane Ida Evacuation Expenses
Insurance companies could face fines or be suspended from doing business for refusing to comply with Louisiana Insurance Commissioner Jim Donelon’s order to cover the temporary living expenses of policyholders who evacuated during Hurricane Ida. But the one thing Donelon cannot make the companies do is pay the actual claims to their policyholders. Donelon discussed… Continue reading Insurers Could Be Fined for Refusal to Cover Hurricane Ida Evacuation Expenses
Insurers Will Cover Some Additional Costs for Ida Victims in Louisiana after Biden Push
Two of the most prominent U.S. insurance companies have responded to President Joe Biden’s call to cover additional living expenses for policyholders in Louisiana who evacuated their homes ahead of Hurricane Ida, but were not under specific mandatory evacuation orders. Allstate and USAA have agreed to cover additional living expenses for policyholders in the state… Continue reading Insurers Will Cover Some Additional Costs for Ida Victims in Louisiana after Biden Push
Homeownership Accelerated Among Young Millennials During the Pandemic
For many millennials, the pandemic has been anything but an obstacle to leaving their rent-based urban lifestyle behind and settling down — and for good reasons. With plummeting interest rates, the timing to buy homes and invest in wealth-building homeownership couldn’t have been more perfect. Shelter-at-home and remote work have driven a desire for larger… Continue reading Homeownership Accelerated Among Young Millennials During the Pandemic
Home Prices Jumped Across the U.S. in Second Quarter
Home prices surged in almost every corner of the U.S. in the second quarter as robust demand continued to overwhelm the supply of homes for sale. While the homebuying frenzy has shown signs of a slowdown in recent months, home-price growth has yet to cool. The median sales price for single-family existing homes was higher… Continue reading Home Prices Jumped Across the U.S. in Second Quarter