New Vermont farm insurance for extreme weather proposed by senators

H. Cutner
Farm Insurance - New Law in Vermont

The increasing risk of flooding has the lawmakers looking to ways of protecting producers Following the flooding experienced by farmers in Vermont last year, a survey showed that 70 percent of them didn’t have farm insurance to cover their crops and/or livestock. Coverage wasn’t always available This wasn’t just a matter of choosing not to obtain coverage. For another 10 percent of the respondents, the type of farm insurance they would have needed didn’t exist.  This meant that only about one in every five food producers had coverage in place…

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USAA insurance company is profitable again after a bad 2022

Marc
Insurance company - 2022 loss - 2023 profit

That year was the first time in the insurer’s 102 years that it failed to bring in a profit The USAA insurance company has announced that it brought in a net income of $1.2 billion in 2023, following a rough 2022, in which it posted a net loss of $1.3 billion. The figures were released this month Even though the insurance company faced similar challenges that caused it to post a loss in 2022, it still managed to turn a profit.  The 2022 losses were the first time in the…

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North Carolina property owners to see dwelling insurance rate spike by 8 percent

G. Turner
Dwelling Insurance - North Carolina - 8 percent increase

Commissioner Mike Causey announced the average rate increase across the state. North Carolina Insurance Commissioner Mike Causey has announced that following negotiations with the dwelling insurance market, there will be an average 8 percent rate increase across the state. The increase is substantially lower than what was requested The North Carolina Rate Bureau had been seeking an average increase to dwelling insurance rates of 50.6 percent.  That means that following negotiations, it was reduced by 42.6 percent to arrive at the average that will be implemented in the state. This…

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Warren Buffett thinks cyber insurance market could see “huge losses”

Marc
Cyber insurance - Losses

Berkshire Hathaway and its head see a chance that this market will experience struggles Berkshire Hathaway recently held its annual shareholder meeting in Omaha, and there, top exec Warren Buffett and top insurance exec Ajit Jain said that cyber insurance is too risky for the company. That particular market is currently quite profitable At the meeting, Jain underscored that while cyber insurance is profitable at the moment and has become “a very fashionable product,” the risks associated with investing in it are quite high.  He said that to date for…

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Tesla Insurance Hires Former Member of GEICO Management to Bridge the Gap

Nordstrom
Tesla Insurance - Tesla Logo

Tesla, renowned for revolutionizing the automotive industry with its electric vehicles, ventured into uncharted territory back in 2019, where CEO, Elon Musk promised customers “vastly better” service compared to the competition. With the recent hire of Allen Laben, a seasoned executive from GEICO, Tesla aims to tackle the high insurance costs that have burdened its vehicle owners. But can a carmaker successfully navigate the complexities of the insurance industry, and what does this mean for consumers? The Challenge of Transitioning Industries Diving into the insurance sector represents a significant shift…

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Could home insurance companies justify canceling policies with drone footage?

Logan B.
Home insurance - Drone - Cancelled

Insurers in Florida are being accused of using aerial photos as evidence to cut people’s coverage Home insurance is already hard for many homeowners to find in Florida, as the state is currently suffering from a coverage crisis in that sector.  Now media reports are popping up stating that insurers are using aerial footage collected by drones to justify cancelling a property’s coverage or declining to renew it. Reports are appearing that policyholders are receiving warnings from insurers A recent WFTV report showed that some home insurance customers have obtained…

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Could Percentage Deductibles Save a Badly Beaten Property Casualty Market?

Loreen
homeowners insurance percentage deductible

This pivotal question probes whether the shift to percentage deductibles could revitalize a property casualty market suffering from severe strain. The answer hinges on multiple facets that influence the stability and attractiveness of the insurance market. Understanding Percentage Deductibles Percentage deductibles are calculated as a percentage of the insured value of the property, rather than a fixed dollar amount. For instance, if your home is insured for $300,000 and you have a 2% deductible, you would be responsible for $6,000 in the event of a claim. This approach is commonly…

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