U.S. property catastrophe reinsurance rates rose by as much as 50% at a key July 1 renewal date, broker Gallagher Re said in a report on Monday, with states such as California and Florida increasingly hit by wildfires and hurricanes.
Tag: homeowners
Florida Homeowners Face New 1% Assessment Fee Amid Property Insurance Crisis
Florida homeowners can expect to see another spike in their insurance premiums as more insurers fail or leave the state.
Hurricanes Moving Farther North to Pummel Millions More U.S. Homes
According to new research, shifting weather patterns influenced by climate change will push strong storms up the East Coast, increasing wind speeds and damage from gusts.
Cat-exposed Homeowner Risks Continue to Experience Large Rate Increases
The composite rate for all personal lines coverages increased 5.2% in the fourth quarter of 2022, a rate which held steady for most of the entire year.
Will Ian ‘Financially Ruin’ Homeowners and Insurers?
When Hurricane Ian inundated the region with powerful ocean surges and damaging downpours, it is expected to financially ruin countless people in Florida whose homes were not covered by flood insurance. The personal financial losses are a result of Ian’s zeal and the fact that millions of Americans across the country have not purchased flood… Continue reading Will Ian ‘Financially Ruin’ Homeowners and Insurers?
CA State Insurance Commissioner Requests Extension of Fire Victims’ Additional Living Expenses
California Insurance Commissioner Ricardo Lara Wednesday requested insurance companies to extend by one-year additional living expense (ALE) coverage for victims who lost homes in the 2017 North Bay fires. The ALE insurance covers expenses for food and housing, furniture rental, hotel stays, relocation and storage. New state laws extend living expense coverage from 24 to… Continue reading CA State Insurance Commissioner Requests Extension of Fire Victims’ Additional Living Expenses