Tag: home insurance coverage

Wildfire prone property insurance bill in California due for hearing

Marc
Wildfire prone property - home on fire - firefighters

The bill is expected to be heard in upcoming weeks as opposing sites prepare for major battle. A new California bill, the outcomes of which will have a lot to say about coverage for wildfire prone property in the state, will soon be headed for hearing. The hearing is expected to be a heated one as strong opposing opinions have the opportunity to be voiced. Opponents of this bill are calling it a direct attack on consumer protections in insurance. That said, proponents of the bill claim it is the…

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Severe weather damage in the US hits the $4 billion mark

Logan B.
Severe Weather Damage - Flooding

Hailstorms and other disasters have caused quite a bit of destruction already in 2020, says Aon. Severe weather damage from events across the United States have led to substantial costs for insurers. A sizeable portion of the $4 billion estimated economic cost is covered by insurance policies. Much or the severe weather damage caused by storms have involved hail, according to the monthly Global Catastrophe Recap report from Aon. A substantial storm outbreak struck the Plains, Midwest and Southeast on May 4 and 5. This event primarily affected parts of…

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Fire insurance cost slash away at California real estate market wellness

Logan B.
Fire insurance costs - none on fire

Rising wildfire risks have made a dent in property values due to associated coverage expenses. Homeowners in California face rising fire insurance costs, cutting into the success of the state’s real estate market. Areas both prone to wildfire and those surrounding them are watching values shrink. As insurers continued to raise fire insurance costs and attempted to step out of areas most prone to wildfires, the real estate market has taken a serious hit. Homeowners in the state have been watching the market cool due to the expenses linked with…

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Allstate spikes Illinois homeowners insurance rates for almost 200K policyholders

Nordstrom
Illinois Homeowners Insurance Rates - neighborhood of houses

The second largest home insurer in the state is raising rates by 8 percent in early 2020. Allstate will be increasing its Illinois homeowners insurance rates by the largest amount the state has seen in several years. By early next year, policyholders will be paying an average of 8 percent more for their coverage than they are this year. The Illinois Department of Insurance announced the rate hike in a filing they issued on Halloween. Allstate is the second largest home insurance provider in the state. It has just about…

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California fire insurance companies decline almost 350,000 policy renewals

H. Cutner
California fire insurance companies - Firefighters fighting wildfire

Insurers are taking big steps back from the industry in the state’s highest risk areas. New data from the state shows that California fire insurance companies have declined the renewal of almost 350,000 home policies since 2015. This was most common in areas with the highest wildfire risk. The data showed that insurers are trying to reduce their risk exposure as wildfires become more costly. The newly released data did indicate that California fire insurance companies have dropped hundreds of thousands of customers. However, it did not point out how…

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Landscape insurance covers homeowners with valuable gardens and trees

Nordstrom
Landscape insurance - Home and Garden

Some homeowners have adequate coverage with their standard policies but others need more. Summer is here and with it are the season’s severe storms and other potential risks that make homeowners look into landscape insurance. Summer comes with a full range of highly destructive perils that can harm expensive landscaping. Summer storms can be far more severe than spring rains. Hot temperatures can bring wild winds, downpours of rain, lightning strikes and damaging hail. If you have a good homeowners insurance policy, you’ll have the coverage you need to cover…

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Is your home protected on July 4 in case of firework damage?

G. Turner
Firework damage - Fourth of July Celebration

A gorgeous pyrotechnic display is a fantastic way to polish off a red, white, and blue themed party. Families and friends across the country are preparing to celebrate the fourth of July and should understand their coverage against firework damage to ensure that if something goes awry it won’t lead to financial ruin. The National Fire Protection Agency says this is the biggest day of the year for home fires. Firework damage is a serious risk. Though additional precautions can help to prevent disaster, it’s still important to understand your…

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