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.
Tag: homeowners insurance
Investors Are Suing One of the 12 Failed Home Insurers in Louisiana
As claims poured in from Hurricane Ida, executives of Lighthouse Insurance Co. scrambled to land an infusion of cash from investors, both to assuage concerns from regulators and in hopes of keeping the firm afloat.
Rising Insurance Costs, Coverage Changes Prompt Florida & California Homeowners to Move: Redfin
A Redfin survey has found that nearly three-quarters (70.3%) of Florida homeowners and over half (51%) of California homeowners have seen a rise in insurance costs or change in coverage in the past year.
California Homeowners Insurance Crisis: Thousands to Lose Coverage as Two More Insurers Withdraw
In filings with the California Department of Insurance, Tokio Marine America Insurance Company and Trans Pacific Insurance Company said they would both withdraw from the homeowners and personal umbrella insurance markets in California. Both are subsidiaries of Tokio Marine Holdings Inc., a Japanese company.
Travelers President: Improvements in Florida Not Enough to Reopen Homeowners
Florida’s homeowners market may look better than it has in the past, but Travelers Cos. is still steering clear, according to Travelers Personal Insurance President Michael Klein.
Farmers CEO: Some Insurance Premiums Will Mirror the Cost of Mortgages
The owners of homes that will almost certainly suffer a total loss within the next 20 to 30 years should prepare to pay insurance premiums on par with a mortgage, according to Farmers Chief Executive Officer Raul Vargas.
Severe Storms Rumble Across Eastern U.S.
More severe storms and flash flooding will continue for parts of the U.S. on Thursday after an intense line of storms whipped through multiple states with heavy rain and tornadoes, leaving extensive damage and killing at least least one person.
Rising Insurance Premiums Contribute to the Cost of Homeownership
Property taxes and home-maintenance costs are climbing in much of the country. Non-mortgage costs including property taxes, maintenance, utilities and insurance make up more than half of homeowners’ overall costs, according to a 2022 analysis by Fannie Mae economists. Worst of all, home insurance premiums are soaring. Rates rose by more than 10% on average in 19 states in 2023 after a series of big payouts related to floods, storms, wildfires and other natural disasters across the U.S.
Insurers Using Aerial Home Images to Assess Risk
Across the U.S., insurance companies are using aerial images of homes as a tool to ditch properties seen as higher risk.
Eighth Regional Insurer Approved for Florida Market
Florida has added an eighth regional company to write homeowners coverage, a sign of confidence in the marketplace now that the state has insurance-friendly regulations in place.