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.
Tag: rising premiums
The Crisis Facing Buyers of Home and Auto Insurance
For many Americans, getting insurance for both their cars and homes has gone from a routine, generally manageable expense to a do-or-die ordeal that can strain household budgets.
More Independent Insurance Agents are Shopping Premiums, Even as Carrier Satisfaction Is High
While independent insurance agents continue to be satisfied with their carrier partners, the rising cost of premiums has made these relationships increasingly tenuous.
Health Insurance Costs Are Taking Biggest Jumps in Years
Health-insurance costs are climbing at the steepest rate in years, walloping businesses and their workers.
Insurers Are in the Hot Seat on Climate Change
Insurers are raising premiums and are cutting back coverage because of more damaging storms and wildfires, made worse by climate change. They insure the fossil-fuel producers whose products are blamed for causing climate change. And, as big investors, they fund these same companies. Most try to promote their climate bona fides.
The Captive Insurance Series: Exploring the Hard Market
As the insurance industry navigates this most challenging period, characterized by rising costs and claims and fierce competition, carriers have responded by ceasing to offer specific products, adding significant exclusions, or broadening existing ones in their policies. As a result, customers face higher premiums, larger retentions, and deductibles, and decreased liability limits. Amid these challenges, captive insurance has emerged as a compelling alternative to conventional insurance, providing a range of benefits to policyholders.
Homeowners Insurance Is a Minefield for Louisiana Officials
Louisiana officials are facing complaints from homeowners over storm damage and rising premiums while carriers are exiting the market or filing bankruptcy.