Tag: homeowners insurance companies

New bill introduced in California to help overcome homeowners insurance crisis

Live Insurance News
Homeowners insurance - American flag, money, person holding up house

The federal bill was proposed by state Representative Adam Schiff (D-Burbank) last week. Last Wednesday, California Representative Adam Schiff (D-Burbank) introduced a new federal bill with the intention of leaving behind the crisis in the homeowners insurance market and propping it back up again following the exit of several insurers from markets across the country. The legislation is called the INSURE Act and would correct the issue through federal reinsurance. The INSURE Act stands for Incorporating National Support for Unprecedented Risks and Emergencies Act. The idea behind it is to…

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California Insurance Commissioner Ricardo Lara issues notices to insurers over wildfires

Marc
California insurance commissioner - Notice Insurance

Insurers have been advised to cease their cancellations and non-renewals in wildfire affected communities. California Insurance Commissioner Ricardo Lara has issued notices to homeowners’ insurance companies regarding the cessation of cancellations and non-renewals in communities suffering wildfire emergencies. Lara’s notices have advised insurers to stop such behaviors or risk violating Californian law. The notices from the California Insurance Commissioner have to do with homeowners and renters’ policies in communities located near the state’s many major wildfires. Those communities will be identified by state Governor Gavin Newsom in emergency declarations. According…

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1 in 5 Consumers accept Amazon and Google as homeowners insurance companies

G. Turner
Homeowners insurance companies - Home in bubble over hand

A J.D. Power survey showed that shoppers see these tech giants as acceptable home insurers. One in five consumers said in a recent J.D. Power survey that they would be willing to use Amazon or Google as homeowners insurance companies. Among those who participated in the survey, 80 percent were already insured by a large national carrier. Amazon and Google have both dabbled in the insurance industry and are expected to become increasing participants in the marketplace. Earlier in August, media reports showed that Amazon was testing the waters in…

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Homeowners insurance companies caught overcharging 13 million policyholders

Marc
homeowners insurance companies

A new U.K. study has revealed that existing customers often pay considerably more than new ones. New Citizens Advice research demonstrates that up to 13 million U.K. customers are being overcharged by their homeowners insurance companies. Loyal customers and senior citizens are particularly victim to this trend. A very high percentage of homeowners over the age of 65 years have been paying more than new customers. The study revealed that 40 percent of home insurance policyholders over the age of 65 years and who have had their policy for over…

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Homeowners insurance data collected by prisoners in UK

Julie Campbell
homeowners insurance prison call center program

Inmates are currently being paid for the collection of information on behalf of home insurers. A controversial new homeowners insurance data collection program has been launched at Oakwood Prison in the United Kingdom, which employs prisoners with the task of obtaining information from property owners on behalf of their insurers. This program, if successful, may be considerably expanded over time to the point that it goes nationwide. The Ministry of Justice recently announced that the prisoners will be paid in order to collect the homeowners insurance information. This program has…

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Homeowners insurance providers fleeing New York markets

S.Vagus
New York power outage from Hurricane Sandy- Homeowners Insurance fraud Coverage

Hurricane Sandy continues to have an impact on homeowners insurance Homeowners insurance in the U.S. has been in a tumultuous state since the impact of 2012’s Hurricane Sandy. More than six months after the storm struck the East Coast, the homeowners insurance sector continues to reel from the damage that had been caused by the catastrophe. In recent months, the states affected by the storm have garnered relatively little attention, but New York officials are beginning to voice their concerns regarding the recent actions of some insurance providers. New York…

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Homeowners insurance companies make recommendations for closing cottages

Julie Campbell
Second Homeowners insurance

Preparing a vacation home for winter can help to reduce the risk of damage. As the summer cottage season comes to a close, many people are shutting up their vacation homes for the colder months, and homeowners insurance companies are issuing recommendations to help make sure that this is done properly so that a claim won’t need to be made. Many forms of damage can be prevented with the proper precautions. This means that at this time of year, homeowners insurance companies make a priority of trying to inform their…

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