Live Insurance News

Why ADUs Are the Next Big Thing in Retirement Planning

July 24, 2024July 23, 2024 Logan B.

Accessory Dwelling Units (ADUs) are becoming an increasingly popular trend among homeowners, real estate investors, and DIY enthusiasts. With the high cost of housing in states like California, ADUs offer a viable solution for maximizing property value and creating additional income streams. What is an ADU? An ADU, or Accessory Dwelling Unit, is a secondary housing unit located on the same lot as a single-family home. They can take various forms, such as backyard cottages, basement apartments, or garage conversions. These units provide independent living facilities, complete with their own…

What Does It Cost to Install a Swimming Pool?

July 21, 2024 Logan B.

With summer on the way, many people will say it’s a call to swim, but the installation of a pool, just for reasons of enjoying warm weather, has been quite problematic within people’s means. The cost depends on the route you take, spanning all price ranges, and this guide will let you in on how. Inground Pool Costs The cost of an inground swimming pool of various sizes and shapes will average from $35,000 to $65,000. The cost of large or fine-detailed pools, of course, also significantly impacts the price.…

Are State Farm Rate Hikes Justified? What California Faces Without Them

July 16, 2024July 15, 2024 Logan B.

State Farm California Property Insurance Increases Is it Justified

Is the State at the Mercy of Its Largest Property Casualty Company? The insurance industry in California has recently been shaken by the news that State Farm, one of the nation’s largest insurers, may pull out of the state and non-renew existing policies if they don’t get what they want. This potential move has sparked widespread concern among consumers and industry experts alike. What would be the consequences if State Farm were to follow through with this decision? And is the company justified in requesting significant rate increases given California’s…

Hurricane Beryl Impact on the Insurance Industry: An Early Test of Resilience

July 8, 2024July 8, 2024 Logan B.

Hurricane Beryl has made history as the earliest Category 5 hurricane on record, marking a turbulent start to the 2024 Atlantic hurricane season. Despite its initial strength and the potential for significant impact, the insurance industry has so far weathered the storm relatively well. However, the season’s outlook suggests that insurers may need to brace for more challenging weather ahead. Early Strength and Managed Impact Beryl’s rapid intensification caught the attention of meteorologists and industry experts alike. The hurricane’s path through the Caribbean caused concern, but the damage trajectory ultimately…

2024 Medigap Insurance Rate Increase Data Can Help Agents Compete

June 25, 2024June 24, 2024 Logan B.

Insurance agents striving to stand out and compete in the crowded Medicare solutions market can utilize the latest data regarding Medigap rate increases. The just-reported data revealed that year-over-year increases for policyholders with Medigap Plan G coverage in 2024 ranged to as much as 20%. The new analysis was reported by the American Association for Medicare Supplement Insurance (AAMSI) and KLC Actuarial, LLC. “Competition in the Medicare market is intense with large call centers and marketing entities spending hundreds of millions annually on lead generation marketing,” explains Jesse Slome, director…

California Governor Newsom backs property insurance reform measure

June 19, 2024June 18, 2024 Logan B.

Property insurance - California Law - Support

The goal is to ensure that homeowners and business owners will find necessary coverage California Insurance Commissioner Ricardo Lara recently announced that a new draft measure would make it a requirement for property insurance companies using new catastrophe modeling to write more policies in areas at a higher risk of events such as wildfires. Larger insurers must insure properties at a specific minimum level The draft regulation would require that all companies using new catastrophe modeling to write more property insurance policies in distressed areas. That said, larger insurers would…

Auto insurance shopping increases as high rates send consumers elsewhere

June 14, 2024June 13, 2024 Logan B.

Drivers are looking for new ways to make their coverage affordable, including leaving current insurers According to a new report from JD Power and TransUnion, for the first quarter of 2024, drivers were increasingly shopping for new auto insurance policies in the hopes of saving money on their monthly premiums. These drivers felt there were no more ways to save on existing policies Consumers started comparison shopping for new auto insurance policies because they didn’t see any new ways to be able to apply discounts to their existing coverage, said…