Live Insurance News

Liberty Mutual’s Big Move: Why Safeco Insurance Is Retiring After 100 Years

March 6, 2025March 5, 2025 H. Cutner

Safeco Insurance to Retire Brand Name by 2026, Liberty Mutual Consolidates Personal Lines Under Its Banner The insurance industry is undergoing another round of transformation, with Liberty Mutual Insurance announcing plans to retire the Safeco Insurance brand name in 2026. Safeco, a name synonymous with the independent agent channel for home, auto, and specialty insurance, will no longer serve as a standalone identity. All of Liberty Mutual’s personal lines products will instead operate exclusively under the Liberty Mutual name. Safeco’s Legacy of Strength and Partnership Since its founding in 1923…

Texas Class Action Lawsuit Accuses GEICO of Failing to Honor Accident Forgiveness Program

March 5, 2025March 4, 2025 Tate Ellison

A class action lawsuit has been filed against GEICO in Texas, claiming the insurance giant misrepresented its Accident Forgiveness program, resulting in significant financial hardships for some policyholders. The lawsuit, brought by Texas resident Christopher Cude on February 25, alleges that GEICO raised his auto insurance premium by over 91% following a minor, first at-fault accident involving his wife. According to court documents, Cude’s premium increased from $1,358 to $2,664 upon policy renewal, despite the fact that his policy included Accident Forgiveness, which GEICO promotes as a safeguard against rate…

How New Insurance Laws Could Change Auto and Home Insurance in Florida Forever

March 5, 2025March 4, 2025 Ben Jones

Florida Insurance Woes as Challenges Mount for Homeowners and Drivers Florida is at a crossroads when it comes to its insurance market, with homeowners and automotive policyholders grappling with escalating costs and industry instability. State lawmakers are taking on the issue with proposed laws that aim to create transparency, reduce premiums, and hold insurance companies accountable. However, with rising property insurance premiums and Florida’s rank as the most expensive state for car insurance, finding a workable solution is proving complex. Here’s a closer look at what’s happening, why it’s important,…

Mississippi Supreme Court Upholds $15M Award in USAA Hurricane Katrina Case

March 4, 2025March 4, 2025 Marc

Just recently, the Mississippi Supreme Court has upheld a landmark $15 million award against United Services Automobile Association (USAA) for acting in bad faith when handling a Hurricane Katrina insurance claim. The decision brings closure to a nearly two-decade-long legal battle spearheaded by the estate of Paul and Sylvia Minor, a couple who lost their iconic Ocean Springs home in the devastating 2005 storm. A Historic Home and a Long Legal Battle The Minors’ home wasn’t just a personal residence; it was a piece of architectural history. Designed in the…

Kentucky Supreme Court Rules in Favor of Coverage for Minor Driver in State Farm Case

February 27, 2025February 26, 2025 Logan B.

A Pivotal Decision for Families and Policyholders The Kentucky Supreme Court has made a significant ruling in the case of Jessica Hill v. State Farm Mutual Automobile Insurance Company. At the heart of the case was the question of whether State Farm was obligated to provide coverage for a minor driver, Tyler Delonjay, involved in a car accident in 2020. This decision not only resolves the insurance dispute but also provides clarity on how residency is determined for minors under auto insurance policies. For families and policyholders, this case underscores…

Insurance News – NYDFS Cracks Down on Insurers with $20.4M in Fines for Reporting Failures

February 26, 2025February 25, 2025 Nordstrom

NYDFS Cracks Down on Insurers with $20.4M in Fines for Reporting Failures The New York State Department of Financial Services (NYDFS) has taken significant action against car insurance providers, resulting in $20.4 million in fines due to widespread compliance failures. After a lengthy investigation, regulators called out several major insurers for not submitting vehicle coverage reports to the DMV within the required timeframes, a critical process for maintaining consumer protection and state records. This enforcement sends a clear signal to the industry about the importance of following regulations and highlights…

Miami Lawmaker Takes Aim at Condo Insurance for Noncompliant Buildings

February 26, 2025February 25, 2025 H. Cutner

Noncompliance with Building Safety Laws Draws Scrutiny A Miami lawmaker is spearheading efforts to hold condominium associations accountable for adhering to Florida’s newly implemented building safety regulations. These laws, adopted in the aftermath of the tragic Surfside condo collapse in 2021, are designed to ensure the safety and sustainability of residential buildings, particularly those three stories and higher. Under state law, condominium associations were required to complete a building inspection and conduct a funding study for future repairs by December 31, 2022. However, of the 11,270 associations mandated to comply,…