After a 2020 filled with hurricanes and wildfires, this year could be the moment when the U.S. insurance industry finally grapples with climate change. Who will win that wrestling match? Insurers? Homeowners? Or the increasingly challenging environment? “The alarm bells are now ringing loudly,” says Karen Collins, who handles home insurance and other personal lines… Continue reading Homeowners and Insurers Will Grapple with Climate Change in 2021
Tag: homeowners insurance
Climate Change Has Cost the U.S. Billions of Dollars in Flood Damage, Study Finds
Intensifying rainfall fueled by climate change has caused nearly $75 billion in flood damage in the U.S. in the past three decades, Stanford University researchers confirmed in a new study Monday. The findings, published in the journal Proceedings of the National Academy of Sciences, shed light on the ongoing debate on how climate change has… Continue reading Climate Change Has Cost the U.S. Billions of Dollars in Flood Damage, Study Finds
Black Homeowners Pay $13,464 More on their Mortgages, Study Says
Black borrowers pay $13,464 more over the life of a home loan, with interest, mortgage-insurance and tax expenses higher than for their White counterparts, further hurting African Americans’ ability to save for retirement, according to a new study. The biggest reason for the gap is the risk-based pricing found in most U.S. mortgages, which disadvantage… Continue reading Black Homeowners Pay $13,464 More on their Mortgages, Study Says
Mercury Insurance Launches Programs to Help California Homeowners with Wildfire Risk
Wildfire season is well underway, with wildfires scorching a record breaking number of acres up and down California, and the peak of the season is yet to come. Mercury Insurance today announced two new programs the company is launching to help Californians better protect their homes and families if they live in areas prone to… Continue reading Mercury Insurance Launches Programs to Help California Homeowners with Wildfire Risk
SageSure Launches New Line of Small Commercial Insurance Products for Coastal Businesses
SageSure, America’s leading homeowners insurtech measured by premium and profitability, is pleased to announce the immediate availability of a new line of commercial insurance products in underserved coastal markets. Launching in South Carolina followed by Florida, SageSure’s commercial product line, including businessowners policies (BOP), provides coverage for over 300 classes of businesses in six industry… Continue reading SageSure Launches New Line of Small Commercial Insurance Products for Coastal Businesses
Glass Fire 95% Contained After Burning Nearly 800 Homes in Napa, Sonoma Counties
The Glass Fire, a destructive wildfire that burned close to 800 homes in California’s North Bay area and forced tens of thousands to evacuate after sparking in extreme wind late last month, is almost fully contained. With temperatures cooler, humidity higher and winds calmer, crews have made great progress in recent days, boosting containment to… Continue reading Glass Fire 95% Contained After Burning Nearly 800 Homes in Napa, Sonoma Counties
TypTap Insurance Company Launches Phase One of Nationwide Expansion
TypTap Insurance Company, a rapidly growing, technology-driven insurance company and a subsidiary of HCI Group, Inc., has launched Phase One of its planned nationwide expansion, which the company first announced in early August. According to the company, Phase One involves applying to state insurance regulators to write homeowners insurance in 20 states outside of Florida:… Continue reading TypTap Insurance Company Launches Phase One of Nationwide Expansion
CA Insurance Commissioner Urges Insurers to Cover Wildfire Property Losses without Requiring a Home Inventory
In response to California’s latest destructive fires, Insurance Commissioner Ricardo Lara is requesting that insurance companies help wildfire survivors who are overwhelmed with the task of navigating the claims process by providing up to 100 percent of personal property coverage limits without a detailed inventory to those who suffered a total loss of their home,… Continue reading CA Insurance Commissioner Urges Insurers to Cover Wildfire Property Losses without Requiring a Home Inventory
CA Gov. Newsom Signs Insurance Bill Providing Quicker Payments for Wildfire Losses
Wildfire victims who lose their home and possessions will be able to recoup money for their expenses faster, thanks to legislation that makes property insurance benefits easier to collect. Gov. Gavin Newsom signed Senate Bill 872 into law Thursday, providing a suite of insurance protections and streamlined claims processing to better respond to the recovery… Continue reading CA Gov. Newsom Signs Insurance Bill Providing Quicker Payments for Wildfire Losses
CA Insurance Commissioner Takes Action to Protect Consumers, Stabilize Insurance Market following Wildfires
With devastating fires continuing to burn across California, Insurance Commissioner Ricardo Lara will convene an investigatory hearing on Monday, October 19 to initiate a series of regulatory actions that will protect residents from the increasing risk of wildfires. Several years of deadly and destructive wildfires, intensified by climate change, have made insurance more difficult and… Continue reading CA Insurance Commissioner Takes Action to Protect Consumers, Stabilize Insurance Market following Wildfires