Insured losses in Florida related to Hurricane Idalia are unlikely to surpass those from Hurricane Ian last year given the storm’s path across the more sparsely populated Big Bend region, which has lower insured values than other coastal areas, according to a new AM Best special report.
Tag: homeowners insurance
How Billion-Dollar Hurricanes, Other Disasters Are Starting to Reshape Insurance Bills
As coastal residents pick up the pieces in Florida, Georgia and the Carolinas, the final price tag from Idalia is far from clear. But one thing is already known – the storm is yet another reminder that protecting homes with insurance is getting harder, riskier and more expensive.
Status of the Property Insurance Market in Florida
Florida is frequently the target of increasingly severe natural disasters like hurricanes, floods, and other calamities that drastically affect the property insurance market.
More Americans Are Opting Out of Buying Homeowners Insurance
Homeowners are increasingly forgoing home insurance, gambling that the likelihood of a disaster isn’t high enough to justify the cost of a policy.
Hawaii Wildfires Spur Insurers to Reassess the State’s Risk
Weeks after wildfires killed at least 115 people on Maui, insurance companies are beginning to assess the damage to calculate their payouts. Early estimates for the total cost of the fires are $4 billion to $6 billion, according to a report from Moody’s Risk Management Solutions.
Rising Insurance Costs Start to Hit Home Sales
Home-insurance companies are trying to claw back steep underwriting losses by hiking rates, or pulling back from disaster-prone areas.
Homeowners Putting Off Home Upkeep, Risking Damage
New Agency Forward survey suggests many U.S. homeowners are not prioritizing maintenance, even if it jeopardizes their property.
More than 50,000 to Lose Homeowners Insurance as Two More Insurers Exit California
AmGUARD Insurance—a subsidiary of Berkshire Hathaway GUARD Insurance Companies—will withdraw its homeowners and personal umbrella programs in California, while Falls Lake Insurance will also end its homeowners program.
Kemper Announces Exit from Preferred Home and Auto Business
Kemper Corporation announced on Monday that it is exiting the preferred home and auto insurance market, sold through its Kemper Personal Insurance brand, and will actively reduce the business immediately, with all policies being non-renewed or canceled in accordance with applicable state regulations.
State Farm to Remain in Florida as Farmers Insurance Pulls Out
Gov. Ron DeSantis’ office confirmed that State Farm Insurance plans to continue its presence in the Florida insurance marketplace after Farmers Insurance declared plans to leave the state.