Live Insurance News

Property owners are increasingly purchasing minimum homeowners insurance policies

November 7, 2023November 6, 2023 H. Cutner

Homeowners insurance - How much house can I afford

Consumers are increasingly choosing to buy the smallest possible amount of coverage. When the vast majority of people purchase homes, they do so with a mortgage that requires them to carry a certain minimum amount of homeowners insurance coverage. That said, to an increasing degree, consumers are deciding to buy no more than the minimum allowable amount of coverage. Property buyers are facing a rapidly growing total of costs, leaving little room for extras. While homeowners insurance is required – and will provide exceptionally important coverage in the case of…

Unpacking the Underwriting Process: How Underwriters Evaluate Fire Risk for Properties

October 3, 2023 Guest Author

Property insurance underwriters play a critical role in the insurance industry by assessing and managing the risks associated with insuring properties against various perils, including fire. To provide property owners with appropriate coverage and premiums, underwriters employ a thorough process that analyzes numerous factors contributing to fire risk. In this article, we’ll delve into the complex task of how underwriters assess fire risk for properties. Location Analysis The location of a property is a fundamental factor in determining its fire risk. Underwriters examine the geographic area in which the property…

Colorado Homeowners Insurance Rates Experience a Staggering Uptick

July 27, 2023July 26, 2023 Nordstrom

Both house and condo owners have been watching their premiums head through their roofs. Condo owners in Louisville, Colorado have been reporting that their homeowners insurance rates have skyrocketed by 700 percent. This isn’t an isolated incident, as rates throughout the state have been rapidly rising this year. Colorado homeowners insurance premiums have been going up for a number of reasons, but they are mainly being linked to high inflation in addition to increasingly common and destructive wildfires, floods, and hailstorms. State Rep. Kyle Brown, a resident of Louisville, Colorado,…

AAA’s Decision to Drop Auto and Home Insurance Customers in Florida Spells Trouble for Policyholders

July 19, 2023July 18, 2023 G. Turner

Shortly after Farmers made a similar announcement, this insurer followed suit. AAA has announced that it will not be renewing auto and home insurance policies for some of its existing Florida customers, becoming the next in a growing list of insurers scaling back their business in the struggling state. Florida has been facing disasters in increasing frequency and severity, sending insurers fleeing. With the number of hurricanes and tropical storms leaving catastrophes behind in Florida, auto and home insurance companies in Florida are choosing not to renew policies for some…

New Florida force-placed insurance regulations now in effect

July 5, 2023July 4, 2023 G. Turner

As of last weekend insurers and mortgage lenders have new rules to which they must comply. Starting on July 1, Florida force-placed insurance regulations have been updated, requiring insurers and mortgage lenders to face certain tighter restrictions on the implementation of those policies. The change is the result of a new bill approved by Florida lawmakers earlier in 2023. House Bill 793 took effect at the start of this month, with the intention of banning what some have referred to as lender “double dipping.” That occurred when lenders put force-placed…

Congress considers 17 changes to flood insurance program

May 8, 2023May 5, 2023 Marc

Flood insurance - Home Floating in Water - Changes

The proposed changes are expected to reduce the cost of coverage to low-income homeowners. Low-income homeowners stand to pay less for coverage under the National Flood Insurance Program (NFIP) if the Federal Emergency Management Administration’s (FEMA) proposed 17 changes are implemented. NFIP has been struggling with its finances amid more frequent and severe storms due to climate change. FEMA is seeking to create a more thinly spread risk by drawing more property owners to purchase flood insurance policies. The agency’s goal is to implement a number of changes in federal…

What Are Insurance Loss Assessors and How Can They Help You?

April 12, 2023 Guest Author

Property damage can be a nightmare to deal with, especially when it comes to filing insurance claims. If you’ve ever had to navigate the complex and often confusing process of filing an insurance claim, you know how frustrating and time-consuming it can be. This is where insurance loss assessors come in. These are the experts who can help you get the compensation you deserve after experiencing damage to your home, property, or vehicle. In this article, we’ll dive into what insurance loss assessors do, how they can make the insurance…