A closer look into forced placed insurance practices The state insurance regulator in New York is currently performing an investigation as to whether or not the rates for force-placed insurance that are being charged by companies should be deemed excessive, and is requesting data from insurers such as Assurant Inc. The New York Department of Financial Services released a statement that said that it is trying to obtain basis for “consistently high profits” that are occurring at the investors’ and homeowners’ expense. It is also requiring that insurers such as…
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Illinois residents face increased insurance rates for home and auto
Illinois insurance rates on the rise According to the March state filings by a number of insurance companies, some residents of Illinois will soon be receiving the unwelcome news that the coverage that they require for their homes and vehicles will soon be rising. For example, Hanover Insurance has filed a proposal to increase their rates for homeowners’ insurance by an average of 4.9 percent. This rise will go into effect for the renewals on July 11, 2012. Similarly, the filing from Unitrin Preferred Insurance Co., has shown that they…
Read MoreInsurers seek to “share the risk” with communities with a higher chance of wildfires
Insurance news – Can industry and consumers find a common ground Insurance companies have announced their hopes to “share the risk” of wildfires with the communities and homeowners located within wild land-urban interface areas. A Rocky Mountain Insurance Information Association presentation outlined the details of the fact that insurance companies are not as willing to provide or renew insurance to customers who are at a high risk of wildfires. As stated by a New Mexico-based State Farm Fire and Casualty Insurance Company official, Matt Brenner, “Why should homeowners be interested…
Read MoreHomeowners’ insurance rates increase as a result of last year’s tornadoes
The tornadoes that struck Joplin, Missouri, and other areas in 2011 will now be increasing the homeowners insurance rates as a whole, regardless of whether or not the area was influenced by any wind storms last year. According to data from the Missouri Department of Insurance, the rates for homeowners insurance in that state will be increasing by just over 5 percent. At the same time, state insurance officials in Illinois – an area also impacted by storms last year – have yet to provide any estimates as to how…
Read MoreMany U.K. homeowners may not be able to obtain flood insurance by 2014
The Association of British Insurers (ABI) has made an announcement that indicates that approximately 200,000 homes throughout the United Kingdom that are at a high risk of flooding might not be able to obtain flood insurance coverage beyond 2014. This announcement came close on the heels of widespread predictions that the government may not be able to come up with the necessary funds for building the required flood-control infrastructure, despite the fact that climate change is causing water and sea levels to continually rise. Some have suggested that many homeowners…
Read MoreAllstate to launch new homeowner’s insurance products throughout the U.S.
In October of last year, Allstate launched a new line of homeowner’s insurance products in Oklahoma called House & Home. The company’s initiative was met with success and now the insurer is gearing up to launch these products in various states through 2014. The products became popular amongst consumers because it provided them with a sleuth of discounts and new deductible and coverage options. The insurer has also introduced a more simplified quoting process that uses external information to fill out applications more quickly. As Allstate introduces these new insurance…
Read MoreWill homeowner’s insurance rates hit a new record in 2012?
According to recent reports, the weather related claims throughout the world have taken a toll on the insurance companies billions of dollars in 2011. Massachusetts experienced its new set of destructive weather phenomenon. People all over the United States have been subject to a number of storms that resulted in ice dams on their homes and traffic accidents on roads. Not only storms, tornadoes too, ripped through various states along hurricane Irene that blew in late August causing widespread damage to the flood prone areas. Homeowners not only require calculating a mortgage loan amount through…
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