Live Insurance News

Homeowners insurance premiums to fall in Louisiana

January 20, 2016January 19, 2016 Marc

Citizens Insurance Louisiana homeowners insurance property

Citizens Property Insurance is making cuts to homeowners insurance premiums Louisiana’s Citizens Property Insurance has announced that it will be lowering homeowners insurance premiums beginning on June 30. The state-run agency’s board of directors voted to approve rate reductions, which may reduce the financial pressure of homeowners with coverage through the state. Citizens Property Insurance notes that the driving factor behind rate reductions is the falling cost of reinsurance. This year, the cost of the agency’s reinsurance coverage is expected to fall by as much as 5%. Average cost of…

New earthquake insurance options being offered in California

January 8, 2016January 7, 2016 Marc

California Earthquake Authority launches new options to make earthquake insurance more available Homeowners in California will have more options when it comes to earthquake insurance in 2016. The California Earthquake Authority will be offering new options for consumers, allowing them to purchase more affordable insurance coverage that better suit their needs. This comes as a response to the fact that many homeowners lack earthquake insurance coverage, which can expose them to significant financial risks that they may not be able to handle on their own. Many consumers lack the earthquake…

Mississippi agency offers advice concerning homeowners insurance following recent storms

January 5, 2016January 3, 2016 Logan B.

Storms have damaged properties in some parts of the state Recent storms in Mississippi have caused problems for many homeowners, who have seen their properties damaged by the storms. The Mississippi Department of Insurance is urging those affected by these storms to file homeowners insurance claims as soon as possible. The organization is also offering advice concerning the claims filing process, and agency representatives are on hand to assist in filing claims to ensure that consumers are taken care of by their homeowners insurance providers. Consumers are being encouraged to…

Homeowners insurance premiums may grow in Texas due to natural disasters

January 4, 2016January 3, 2016 S.Vagus

2015 has been filled with natural disasters, placing pressure on Texas insurers This has been a troublesome year for many homeowners in the United States when it comes to natural disasters. In Texas, powerful storms have left many homeowners with damaged properties and the storms may have a significant impact on homeowners insurance overall. Insurers are expected to experience financial losses due to the high number of claims that have received as a result of the storms in Texas and this may lead to higher insurance premiums in 2016. Hail…

Earthquakes cause problems for homeowners insurance customers in Oklahoma

December 21, 2015December 20, 2015 S.Vagus

Oklahoma homeowners are beginning to feel pressure associated with earthquakes Earthquakes in Oklahoma are beginning to cause some problems for those with homeowners insurance. The Oklahoma Insurance Department notes that many homeowners may be surprised to discover that their homes are not actually protected against earthquakes. The state has been experiencing an increasing frequency of earthquakes in recent years, with some state officials suggesting that tremblers may be linked to the controversial practice of fracking, which involves the use of oil injection wells. Most homeowners may lack the needed earthquake…

Citizens aims to change language of homeowners insurance policies

December 16, 2015December 15, 2015 Marc

Florida homeowners insurance, Citizens Property

Citizens Property Insurance intends to change policy language concerning water damage Florida’s Citizens Property Insurance is looking to make changes to the language in its homeowners insurance policies in order to mitigate the growth of claims associated with water damage. These claims are beginning to flow from South Florida, where many homeowners are beginning to experience water damage from various issues, ranging from rainfall to faulty plumbing. The changes that Citizens Property Insurance wants to make will adjust the way water damage claims are handled. Changes must be made in…

Connecticut aims to put price optimization to rest among homeowners insurance companies

December 10, 2015December 9, 2015 S.Vagus

Homeowners insurance sector is attracting controversy due to the use of price optimization The Connecticut Department of Insurance has begun warning insurance companies against using a controversial pricing method that relies heavily on consumer buying habits. The insurance industry is meant to use actuarial or risk-based principles to price the coverage being provided, but many insurers have been found to be using price optimization, which could be placing consumers under a great degree of financial stress. Such practices have been found in various sectors of the insurance industry and more…