As Tropical Storm Francine barrels toward Louisiana, growing concerns exist that it could aggravate the state’s already precarious property insurance crisis. Louisiana has been reeling from the fallout of multiple hurricanes in recent years, and Francine may prove to be another blow to both homeowners and the insurance industry.
Tag: property insurance
Wind Mitigation Inspections: A Hidden Gem for Homeowners
In Louisiana, wind mitigation inspections have become a valuable yet underutilized resource for homeowners seeking to reduce their property insurance costs.
Rising Property Insurance Costs Pressure U.S. Manufacturers
U.S. manufacturers are facing substantial increases in property insurance premiums, with insurers responding to heightened risks from natural disasters, inflation, and supply chain issues.
Insurance Premium Hikes Strike Condo Associations
Insurance costs are exploding for condo associations across the U.S., raising the cost of homeownership and making it harder for some owners to sell their units.
High Insurance Costs Threaten Affordable Housing
Overall, nearly one-third of affordable housing providers reported insurance increases of at least 25 percent, according to a survey conducted last fall by the National Leased Housing Association, whose members provide federally assisted rental housing through vehicles such as vouchers and tax credits.
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.
States Struggle to Keep Property Insurers from Fleeing as Wildfire Risk Grows
Months after a catastrophic fire burned more than 2,200 homes in Hawaii, some property owners are getting more bad news — their property insurance won’t be renewed because their insurance company has deemed the risk too high.
Average Premium Renewal Rates Remain Up Year Over Year: Ivans
The first quarter results of 2024 showed premium renewal rate change for all major commercial lines of business except Workers’ Compensation are up year over year. Q1 2024 experienced an increase in average premium renewal rate change across all major commercial lines compared to Q4 2023.
Landlords Pass on Insurance Costs to Renters
The costs of rising insurance is not sparing rental properties, and landlords say they too are struggling with the hikes and demands by insurers.