State Farm General is seeking to dramatically increase residential insurance rates for millions of Californians, a move that would deepen the state’s ongoing crisis over housing coverage.
Tag: renters insurance
Skyrocketing Premiums Are Hitting Homeowners Hard, But Barely Factor Into Inflation
Insurance rates have been climbing for a number of reasons: Storms have become more frequent and severe, inflation and labor shortages have driven up the cost of repairs and home values have increased, requiring larger policies. The biggest jumps occurred in Texas, Arizona and Utah, which were among 25 states in total that posted double-digit surges last year. In some places, including Florida, rates are up more than 40 percent over the past five years.
Alleged Rent-Fixing of Apartments Nationwide Draws More Legal Scrutiny
Legal pressure is mounting on a property-management software company facing allegations that it illegally fixes apartment rent prices at buildings across the U.S.
State Farm Non-Renewing 72,000 Policies in California
State Farm released the following statement regarding its decision to non-renew 72,000 policies in California.
Apartment Rents Fall as Crush of New Supply Hits Market
Declines signal tenants may be maxed out on how much income they can devote to rent.
VIU by HUB Expands Its Digital Brokerage Platform with Renters and Condo Insurance
Customers can shop, compare and purchase personal insurance policies on Hub’s digital platform while receiving professional advice.
Lemonade Goes Abroad to the UK
Lemonade, an insurance company powered by artificial intelligence and social impact, has launched in the United Kingdom. Residents in the United Kingdom can now obtain Lemonade Contents insurance instantly, from anywhere, on any device, and file claims and receive payment in seconds. “We believe the millions of local renters will appreciate what Lemonade has to… Continue reading Lemonade Goes Abroad to the UK
Washington Judge Overturns Insurance Rate Credit Scoring Ban
A judge on Friday overturned a Washington state rule prohibiting insurers from using credit scoring to set rates for auto, homeowner and renter insurance. Insurance Commissioner Mike Kreidler adopted the rule in February, immediately drawing a legal challenge from insurer groups. The rule, which was set to take effect March 4, was paused while the… Continue reading Washington Judge Overturns Insurance Rate Credit Scoring Ban
Washington State Insurance Commissioner Adopts Rule Banning Credit Scores
Mike Kreidler, Washington’s Insurance Commissioner, has issued a temporary rule prohibiting insurers from using credit information to set auto, homeowner, and renters insurance rates. Kreidler issued an emergency rule in March 2021 to temporarily prohibit the use of credit scores, but it was overturned by a court last year. The new rule takes effect on… Continue reading Washington State Insurance Commissioner Adopts Rule Banning Credit Scores
Home Insurers Struggle with Customer Loyalty as Boomers Flock to Rental Market, J.D. Power Finds
The great Boomer migration from home ownership to renting is upon us. About two-thirds of all rental housing growth between 2004 and 2019 was driven by adults age 55 and older, and that group now accounts for approximately 30% of the total rental market.1 According to the J.D. Power 2021 U.S. Home Insurance Study,SM released… Continue reading Home Insurers Struggle with Customer Loyalty as Boomers Flock to Rental Market, J.D. Power Finds