Consumer Federation of America Archives

Florida homeowners’ insurance customers are giving up on coverage

May 21, 2024May 18, 2024 Nordstrom

Insurance customers - Florida - No thank you

Skyrocketing rates have sent many property owners to choose to skip policies altogether A recently released report has underscored the continuation and growth of a trend in Florida in which home insurance customers have chosen not to pursue coverage anymore due to sharp increases in the premiums they would need to pay in order to keep up their policies. The trend among insurance customers started to take off following Hurricane Ian For many property owners in the state, the premiums they are required to pay to remain insurance customers have…

One in 10 US homes aren’t covered by property insurance

November 21, 2023November 20, 2023 H. Cutner

Though most homes have coverage, there are still many that remain entirely uninsured. The majority of US homes are covered by property insurance, but there has been a trend causing homeowners to drop their coverage, placing themselves at substantial financial risk. The Insurance Information Institute reports that as of 2023, 88 percent of homes in the US are covered. That said, this figure means that 12 percent of US homes are not protected by property insurance. Moreover, that number has more than doubled since 2014, when it was only 5…

California auto insurance refunds expected as insurers pay back pandemic windfall profits

March 15, 2021March 12, 2021 Marc

California auto insurance refunds - person with money

Insurance Commissioner Ricardo Lara puts a stop to the added profits insurers are taking in from COVID-19 changes. Millions of drivers are likely to receive additional California auto insurance refunds following Insurance Commissioner Ricardo Lara’s recent action to require insurers to pay back pandemic windfall profits. The commissioner received applause from consumer advocate and economic ethics groups. The Consumer Federation of America (CFA) and the Center for Economic Justice (CEJ) both applauded Lara for his decision to send pandemic windfall profits back to consumers through further California auto insurance refunds.…

Consumer groups call for higher auto insurance rebates in the US

April 29, 2020April 28, 2020 H. Cutner

The Consumer Federation of America and Center for Economic Justice say insurers aren’t doing enough. The Consumer Federation of America (CFA) and the Center for Economic Justice (CEJ) have recalculated their figures for insurers and say auto insurance rebates are not large enough. Some insurers have issued discounts and credits to policyholders in the face of COVID-19. However, the CFA and CEJ have concluded that some of the largest insurers have fallen short of fairness in the auto insurance rebates they’ve issued in the United States. Both consumer groups calculated…

Auto insurance premium discount not in the cards for most low-mileage motorists

March 6, 2018March 4, 2018 G. Turner

Auto Insurance Premium Discount - Low-mileage - car dashboard

Consumer Federation of America research found that drivers who don’t drive much don’t save. Most people would assume that drivers who don’t head out on the road much receive an auto insurance premium discount. However, the Consumer Federation of America (CFA) says otherwise. A recent CFA study shows motorists with low mileage aren’t enjoying car policy savings. The only state where an auto insurance premium discount is applied for low mileage drivers is California. The consumer advocacy group pointed out that the state legally requires insurers to provide the price…

New coalition takes aims at health insurance mergers in the US

November 18, 2015November 17, 2015 S.Vagus

Consumer groups form coalition to target mergers of health insurance providers Two consumer advocacy groups in the United States have formed a new coalition in order to create pressure of antitrust regulators concerning the merger of large insurance providers. These mergers would cut the number of for-profit health insurance companies from five to three, which may have a dramatic impact on consumers in terms of insurance options and costs. The coalition may be able to shed more light on the potential impact that mergers will have, encouraging state regulators to…

Pennsylvania issues warning to the insurance industry

September 4, 2015September 3, 2015 Marc

State has warned insurers not to practice price optimization as it is unfairly discriminatory Pennsylvania has joined seven other states in warning the insurance industry against practicing “price optimization,” a technique that insurers often use to raise premiums for those they deem unlikely to search for better deals. The Consumer Federation of America notes that this practice is unfair and illegal, as it often makes use of socio-economic information that insurers are banned from using to price coverage in some states. The organization suggests that this pricing practice is a…