Live Insurance News

Your Quick Guide to the Day’s Top Insurance News Headlines

April 7, 2025April 6, 2025 Live Insurance News

Lemonade’s Car Insurance Waitlist Reaches 700K Lemonade, a leader in the insurtech sector, announced an impressive milestone with 700,000 customers on the waitlist for its car insurance offerings. The service, which is only available in select areas, has generated significant consumer interest due to its tech-driven, user-friendly approach. Lemonade’s business model heavily relies on artificial intelligence to streamline every aspect of the insurance process, from underwriting to claims settlement. This innovation continues to disrupt traditional insurance practices, highlighting the growing appeal of modernized, hassle-free coverage options. To Read More About…

State Farm Sounds the Alarm with Emergency Rate Hike—Here’s What Homeowners Need to Know

February 5, 2025February 5, 2025 Live Insurance News

State Farm’s Financial Struggles Amid Wildfire Claims California is no stranger to devastating wildfires, and the recent Palisades and Eaton fires in Los Angeles have once again highlighted the financial strain these natural disasters impose. This time, the repercussions are driving California’s largest homeowner insurance provider, State Farm General, to seek an emergency interim rate hike of 22%. The company says the increase is necessary to stabilize its finances after paying over $1 billion in claims related to the destruction caused by the fires. State Farm’s request, submitted to California’s…

Florida House Bill 13 Aims to Shake Up Home Insurance in the Sunshine State

January 27, 2025 G. Turner

Citizens Insurance Focus - home insurance

Expanding Citizens Insurance to Address Windstorm Damage Florida is no stranger to the wrath of hurricanes. With the state regularly experiencing some of the costliest natural disasters in the United States, reliable home insurance has become both a necessity and a challenge. Enter House Bill 13, a proposal that could significantly alter the insurance landscape. Sponsored by Rep. Hillary Cassel of Broward County, this legislation seeks to make Citizens Property Insurance Corp. — a state-run insurer — available to all Florida property owners for windstorm coverage. The bill primarily targets…

Why Home Insurance Is Becoming Unaffordable for Many Americans

January 18, 2025January 17, 2025 Logan B.

Homeowners Insurance Under Pressure Amid Climate Challenges The rising costs of living are hitting homeowners hard in unexpected ways. A newly released report by the U.S. Department of the Treasury’s Federal Insurance Office (FIO) shines a spotlight on a troubling trend—home insurance is becoming not only more expensive but also increasingly challenging to obtain. This comes as climate-related disasters continue to test the resilience of both insurers and customers. Here’s what this comprehensive study reveals and how it impacts millions of Americans. Rising Costs of Homeowners Insurance If you’ve noticed…

California on Fire, Again: Are We Prepared for Bigger and Faster Blazes?

January 9, 2025January 9, 2025 Nordstrom

Wildfires Ravage Los Angeles: A Climate Crisis Unfolds Los Angeles is once again in the grip of a wildfire crisis as multiple blazes, including the Hurst, Palisades, and Eaton fires, scorch the region. These fires have collectively consumed over 16,000 acres, destroyed more than 1,000 structures, and forced tens of thousands of residents to flee. The Hurst Fire, which broke out in the Sylmar area, alone has spread to 500 acres with 0% containment, underscoring the ferocity of these disasters. This comes as Southern California endures powerful Santa Ana winds,…

Why California Insurers Are Being Forced Back Into Wildfire Zones

December 16, 2024December 16, 2024 Angela Linders

California Introduces New Rules to Boost Wildfire Coverage in At-Risk Areas California has long struggled with providing adequate home insurance to residents living in wildfire-prone regions. After devastating fires in recent years and increasing climate risks, a new set of regulations aims to stabilize the insurance market and expand coverage to residents in high-risk areas. These landmark rules, set to take effect on January 2, 2025, form part of California Insurance Commissioner Ricardo Lara’s broader Sustainable Insurance Strategy. Background For years, California homeowners in areas prone to wildfires have faced…

Navigating California’s Flood Insurance Crisis: What Homeowners Must Know

October 22, 2024October 21, 2024 John Bowers

California’s Escalating Flood Insurance Crisis California is facing another significant challenge in the property insurance sector, this time concerning flood insurance. American National Property and Casualty Company, one of the major insurers, has announced plans to withdraw flood insurance coverage starting in early 2025. This decision will initially impact 271 customers, leaving many homeowners urgently searching for alternative coverage. This development is part of a broader trend in the state, where escalating wildfire and flood risks are prompting insurers to reassess their exposure levels in various regions. Some High Risk…