More than $1.2 billion in lightning-caused U.S. homeowners insurance claims were paid out in 2023 to more than 70,000 policyholders, with $194 million attributable to Texas alone, according to the Insurance Information Institute (Triple-I).
Tag: homeowners insurance
The Cost of Home Ownership Is Surging for Americans
US homeowners are now paying an average of $18,118 a year on property taxes, homeowners’ insurance, maintenance, energy and various other expenses linked to owning a home, according to a new Bankrate study.
Skyrocketing Premiums Are Hitting Homeowners Hard, But Barely Factor Into Inflation
Insurance rates have been climbing for a number of reasons: Storms have become more frequent and severe, inflation and labor shortages have driven up the cost of repairs and home values have increased, requiring larger policies. The biggest jumps occurred in Texas, Arizona and Utah, which were among 25 states in total that posted double-digit surges last year. In some places, including Florida, rates are up more than 40 percent over the past five years.
Oklahoma Grants to Harden Homes Start Next Year
Oklahoma Gov. Kevin Stitt signed the Strengthen Oklahoma Homes Act, creating home-hardening grants awarded to residents who install impact-resistant roofing or make enhancements to lessen the risk of damage from tornadoes, windstorms and hail.
The Hidden Driver of Soaring Home Insurance Costs
One leading, but little-discussed, cause of this coverage crunch: a big increase in the cost of reinsurance policies. Now all eyes are on a round of reinsurance renewals currently under way in Florida and elsewhere that will help determine whether more premium increases are in store for homeowners.
How Deadly Derecho Could Impact Homeowners Insurance
Last week’s devastating storm in Houston is costing many homeowners big bucks in damages.
P/C Industry 2023 Underwriting Performance Improved, but Personal Lines Continues to Drag
The U.S. property/casualty industry saw its second consecutive year of underwriting losses, with a net combined ratio of 101.6 for 2023. While improved relative to 2022, personal lines remained the major driver of unprofitability in 2023.
Homeowners Insurance Less Affordable for Consumers Over the Last 20 Years: IRC Study
Homeowners insurance affordability has deteriorated over the last two decades, driven by frequency and severity of natural disasters, economic conditions, rising construction costs and litigation, according to a new Homeowners Insurance Affordability report by the Insurance Research Council (IRC).
Bad News for Hurricane Season: La Niña Chances Grow More Certain, NOAA Says
Climate troublemaker La Niña isn’t here yet – but it is on the way, federal weather forecasters said in a report released Thursday morning.
Pricier Insurance Makes Sense as Climate Risk Grows, Chubb CEO Says
Surging insurance premiums in regions vulnerable to climate change make sense, and government efforts to hold back those increases won’t work in the long term, Chubb Chief Executive Evan Greenberg said.