Author: Marc

Louisiana home insurance to see major changes, says new state commissioner

Marc
Home insurance Changes - Louisiana

As the state aims to find a way to repair its current crisis, it is making sweeping changes Louisiana residents are about to see a number of widespread changes to home insurance in the state as the new commissioner Tim Temple aims to fix the crisis in the state. Temple is determined to correct the state’s crisis “Louisiana has a very heavy-handed regulatory reputation,” said Temple. “We’re changing that.” Last week, he outlined a number of sweeping changes to the home insurance regulations in the state, making it possible for…

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Travel insurance is increasingly popular but many vacationers remain unprepared

Marc
Travel Insurance - Are You Prepared

A recent survey shows that many people still aren’t getting coverage for their trips A recent survey conducted by CAA showed that even though travel insurance rose in popularity during and following the pandemic, there remain many people who don’t purchase any coverage when they head away on business trips or vacations. Despite the financial risks, about 40 percent travelers don’t always buy coverage This means that forty percent of travelers are inconsistent about buying emergency medical or cancellation travel insurance, or never purchase it at all. This places a…

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State Farm slapped with $2 million fine for underpaying auto insurance claims

Marc
Auto insurance Fine - gavel money

State Farm has agreed to pay a $2 million fine for having underpaid auto insurance claims. The fee was the result of a Montana Commissioner of Securities and Insurance (CSI) investigation into the insurer that lasted about two years. If corrections aren’t made, the insurer will be required to pay double the fine. State Farm is required to change its claim handling practices in order to avoid continuing to underpay auto insurance claims. If it fails to do this, it will need to pay an additional $2 million beyond the…

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Wisconsin reaches record health insurance enrollments through Affordable Care Act

Marc
Health insurance - Wisconsin ACA record enrollment

The state saw about 266,000 sign-ups during the 2024 open enrollment period for coverage. This year’s Affordable Care Act open enrollment window for health insurance saw the highest number of Wisconsin state residents registering for coverage. The 2024 enrollment period brought coverage to over a quarter of a million people in the state. State officials made the announcement, citing health insurance enrollment data released by the federal Centers for Medicare & Medicaid Services (CMS) and from the Office of the Commissioner of Insurance. The data reflected the number of enrollments…

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California condo insurance company leaves the state

Marc
Condo insurance

Farmers subsidiary Foremost has announced that it will no longer sell this type of coverage in the state. Farmers subsidiary Foremost Insurance Co. has announced that as of April 2024, it will stop selling condo insurance in California. The California Condominium Homeowners program will be coming to an end at that time. This makes Foremost only the latest among many insurers that have decided to withdraw from selling coverage in the Californian market. Homeowners’ and condo insurance have been increasingly difficult for many residents to find, and those who do…

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Auto insurance prices are a major US inflation driver

Marc
Auto insurance Prices - Inflation

Though there are many factors that have combined to push inflation rates paid by motorists are a large one. Though there has been an easing in the growth rate of inflation in the United States during the last twelve months, auto insurance premiums have been identified as a notable driver of the ongoing trend. Rapid growth in rates paid for coverage has played a role in stopping consumer prices from falling. In December 2023, consumers prices increased by 3.4 percent on average when compared to the same month in 2022,…

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Younger generations know the importance of life insurance but aren’t buying

Marc
Life Insurance - Young People sitting together

Gen Z and Millennials know how important the coverage is, but they aren’t shopping to that degree. According to a recent study, Gen Z and Millennials are well aware of the importance and benefit of having life insurance coverage, but they aren’t purchasing policies to a degree that reflects that understanding. The research found that those generations are slightly less covered than the average of all adults. The research was conducted by Life Happens, an insurance education organization, which published its results in the 2023 Insurance Barometer Study. Life Happens…

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