Tag: construction costs

The Intersection of Mortgage Insurance and Property Insurance in Today’s Housing Market

Ester Adams
Mortgage Insurance and Property Insurance

Understanding Mortgage Insurance and Property Insurance If you’ve purchased a home or plan to, understanding the different types of insurance tied to it is crucial. Two key types are mortgage insurance and property insurance, but they serve very different purposes. Mortgage insurance protects lenders in case a borrower defaults on their home loan. It’s usually required when the down payment is less than 20%. The cost of mortgage insurance is based on the value of the property. For example, a more expensive home will generally result in higher mortgage insurance…

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State Farm Seeks Major Rate Increase in California

Live Insurance News
state farm insurance news

State Farm, California’s largest insurer, is proposing sizable rate increases for its residential insurance policies in the state, potentially impacting millions of homeowners and renters. The company has filed for a 30% rate hike for its homeowners’ insurance, a 52% increase for renters, and a 36% escalation for condominium owners. This marks the third major change for State Farm in California within a year. State Farm’s Justification In a statement, State Farm indicated that these rate increases are necessary for the long-term sustainability of its California subsidiary, State Farm General.…

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Floridians finally see relief from contaminated drywall case

Nordstrom

Florida homeowners have been battling with insurers over whether or not they will have to pay for damage caused by Chinese drywall. Insurers have been unwilling to accept liability to for the damage, citing that the material does not meet the building standards established by the state. A settlement has been reached, however, between homeowners affected by the faulty material and Banner Supply Co., the company that supplied the drywall to more than 800 homes. A number of insurance companies will take part in funding the settlement, which is worth…

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