Tropical Storm Dorian is expected to be near hurricane strength when it approaches Puerto Rico on Wednesday, a threat that has residents taking precautions on an island still grappling with the devastation of 2017’s Hurricane Maria. The storm’s center is expected to pass near, or just south of, Puerto Rico on Wednesday before moving near… Continue reading Dorian Expected to Near Hurricane Strength As It Spins Toward Puerto Rico
Tag: homeowners insurance
State Farm Case Opens Door for More Claims, With Possible Implications for Other Insurers
A Lousiana Insurance Department order stopping State Farm from imposing higher deductibles on homes damaged last month ahead of Hurricane Barry could help thousands of the company’s customers and potentially benefit clients of other insurers if similar complaints were to surface. While the cease and desist order against imposing hurricane deductibles only applies to State… Continue reading State Farm Case Opens Door for More Claims, With Possible Implications for Other Insurers
Florida Doesn’t Know Why So Many Hurricane Michael Insurance Claims Are Still Open
Under Florida law, residential property insurers are supposed to pay their claims within 90 days. Yet 10 months after Hurricane Michael wiped out a swath of the Panhandle, the state’s insurance regulators can’t say how many of the more than 20,000 open claims are in violation of the law. At least as far back as… Continue reading Florida Doesn’t Know Why So Many Hurricane Michael Insurance Claims Are Still Open
Insurers’ Non-Renewal Rate Rises in CA ZIP Codes Hit by Wildfires in 2015, 2017
Traditional home insurers are backing away from insuring homes in high-risk wildfire areas in California, new data from the state’s insurance regulator shows. Homeowners in fire-prone regions have complained in the past year about being dropped from their home-insurance policies and forced to buy coverage from surplus carriers or from the state insurer of last… Continue reading Insurers’ Non-Renewal Rate Rises in CA ZIP Codes Hit by Wildfires in 2015, 2017
Chubb Expands Water Damage Coverage to Personal Homeowner Insurance Clients in Canada
Chubb has launched its Overland Water Coverage offering to Canadian homeowner insurance clients. This newly-enhanced and expanded water risk management solution is designed to offer an add-on coverage for Chubb Masterpiece® home insurance policyholders. This coverage complements the existing water damage coverages, such as sewer back up, found in the base policy. “We feel it’s… Continue reading Chubb Expands Water Damage Coverage to Personal Homeowner Insurance Clients in Canada
US Department of Finance Halts California Disaster Bill
Legislation which for the past few months had been gaining momentum and promised to protect the state from disasters, including wildfires, has stalled in the state assembly following objections from the Department of Finance that it would have exposed taxpayers to unnecessary financial risks. Analysis claims the legislation is not needed because of the Governor’s… Continue reading US Department of Finance Halts California Disaster Bill
79% of Millennial Homebuyers Do Not Feel Properly Informed before Purchasing their First Home
Home ownership may be considered one of life’s most rewarding financial achievements, but new data from the Farmers Insurance® Seasonal Smarts Digest suggests younger homebuyers may be met with a dizzying maze of potential confusion once they reach this achievement. In addition to finding that almost eight in 10 (79%) millennial homeowners did not feel… Continue reading 79% of Millennial Homebuyers Do Not Feel Properly Informed before Purchasing their First Home
InsurTech Hippo Insurance Raises $100 Million in Series D Funding Round Led by Bond
Hippo, the high growth insurtech company that’s transforming the home insurance market, today announced a $100 million Series D funding round led by Bond, the global technology investment firm founded by Mary Meeker, Mood Rowghani, Noah Knauf and Juliet de Baubigny. Since its launch in 2017, Hippo’s modern take on home insurance, from coverage and… Continue reading InsurTech Hippo Insurance Raises $100 Million in Series D Funding Round Led by Bond
Insurers Offer Competing Plan to Rescue PG&E from Bankruptcy
Insurance companies that say Pacific Gas & Electric owes them more than $20 billion from wildfire claims wants to take over the California utility and pull it out of bankruptcy. The group of insurers filed court documents Tuesday seeking to end PG&E’s exclusive right to file a reorganization plan. They want the right to submit… Continue reading Insurers Offer Competing Plan to Rescue PG&E from Bankruptcy
‘Sticker Shock’ for California Wildfire Areas: Insurance Rates Doubled, Policies Dropped
Jennifer Burt knows she lives in a fire-prone community. That’s why she’s done everything she can to fire-proof her home in Meadow Vista, in the bushy, densely wooded Placer County foothills, even installing a sprinkler system on the roof. Yet a few weeks ago, her insurance carrier — Lloyd’s of London, known for insuring high-risk… Continue reading ‘Sticker Shock’ for California Wildfire Areas: Insurance Rates Doubled, Policies Dropped