Live Insurance News

$300k renters insurance settlement proves you shouldn’t blowtorch a squirrel

January 27, 2017May 4, 2018 Marc

A woman tried to clean the fur off a dead squirrel with a propane torch and burned down the building. A recent renters insurance settlement case serves as an important caution to anyone who would be inclined to use a blowtorch on a squirrel. A Michigan woman learned this the hard way after she and her boyfriend burned down her apartment complex. The couple had been at the woman’s home when they decided to try to remove a dead squirrel’s fur. The woman’s boyfriend was using the blowtorch to take…

Homeowners insurance trends show claims and losses are falling

November 8, 2016November 4, 2016 Logan B.

A LexisNexis report has found that home carriers are riding a positive wave at the moment. LexisNexis has released a report saying that homeowners insurance trends are good for providers right now. The claims are decreasing while the loss costs have been either falling or remaining flat. This U.S. insight was published in the 2016 LexisNexis Home Trends Report. The homeowners insurance trends report took into account that there was only one major hurricane this year in the United States. Moreover there was a decline of 30 percent from 2010…

California wildfire insurance rates are heading skyward

August 22, 2016August 19, 2016 G. Turner

california wildfire insurance - Homeowners insurance reforms

In southern parts of the state, residents have been watching their premiums rise due to the fires. Dozens of Southern Californians are threatened by forest fires and at the same time as they worry for their homes, they are watching their California wildfire insurance premiums skyrocket. Many houses have already been damaged – or nearly damaged – which can be enough to affect premiums. That said, it’s important to note that wildfire insurance won’t automatically spike right away. The odds are that California wildfire insurance rates will rise. This is…

Homeowners insurance coverage may pay for Sand Fire evacuation expenses

July 29, 2016July 27, 2016 Logan B.

Many home and renters policyholders may be pleasantly surprised to discover they can be reimbursed the costs. The Sand Fire has destroyed eighteen homes, but for those who were evacuated, homeowners insurance coverage may still help. Many of the 20,000 evacuees don’t realize that their renters insurance and home policies cover those expenses. The fire burned its way into the Santa Clarita region and left massive physical and financial damage behind. Still, for those who were evacuated and faced the costs of having to live elsewhere, some relief may be…

Fort McMurray wildfire insurance costs will be highest in the history of Canada

July 13, 2016July 11, 2016 Julie Campbell

The Insurance Bureau of Canada estimates a total insured loss of approximately $3.58 billion. The tremendous Fort McMurray wildfire that ripped through the region in Alberta, Canada was the costliest in the country’s history. No other disaster brought such great expense to insurance companies. The Insurance Bureau of Canada (IBC) estimates a total cost of $3.58 billion. Canadian insurance companies have never faced an cost that large from any single disaster in history. The IBC issued a report based on information collected through a survey of insurance companies. With this…

Fort McMurray insurance losses may be more than $9 billion

May 9, 2016May 7, 2016 Julie Campbell

The wildfire that continues to devastate the Canadian city is expected to be the most expensive in the country’s history. The Fort McMurray insurance losses resulting from the devastating wildfire that has burned its way through the city in the Canadian province of Alberta is expected to bring about the largest insured property losses the country has ever experienced from a single disaster. In fact, one analyst has estimated that the insured losses could come to a massive total as high as CAD$9.3 billion. The Fort McMurray insurance losses are…

Most common and costly homeowners insurance claims

April 15, 2016April 16, 2016 Julie Campbell

A recent analysis conducted by The Travelers Companies has revealed some significant trends. According to the results of a homeowners insurance claims data analysis conducted by The Travelers Companies Inc., weather incidents were the cause behind more than half of all the filings that were made by policyholders. Among the events that were most commonly at fault were wind, frozen bursting pipes and leaky roofs. Despite the fact that the most common homeowners insurance claims were those caused by weather damage, it was the fire damage claims that were the…