Live Insurance News

Citizens greenlit for hiking homeowner insurance rates 6.4 precent

July 1, 2022July 1, 2022 Logan B.

Florida’s insurer of last resort received the approval for the increase after requesting 10.7 percent. Citizens customers are bracing for a homeowner insurance rates increase as high as almost 11 percent, which will become effective as of September 1, 2022. This, according to the Florida Office of Insurance Regulation (OIR) after the insurer received approval to increase premiums by an average of 6.4 percent across the state. The state-run corporation currently provides coverage for over 800,000 homes throughout Florida. As private insurers flee from the state’s marketplace, which is frequently…

Nearly 3 in 4 homeowners don’t know how their home insurance works

June 3, 2022June 2, 2022 Logan B.

Home Insurance - Confusion about coverage

72 percent of participants of a Forbes Advisor survey don’t know what their coverage gives them. While most homeowners understand that home insurance is critical, but according to the results of a new Forbes Advisor survey of 2,000 policyholders, the vast majority don’t know what their coverage provides. Homeowners don’t understand their coverage even though they said they’re paying more for it. According to the survey, homeowners don’t realize that their home insurance policy provides more coverage than just protecting their house and belongings against damage or theft. It stated…

Florida property insurance could get special legislative session

April 13, 2022April 18, 2022 G. Turner

Florida property insurance - Florida on map

Lawmakers are calling for the opportunity to work on this critical state in the issue. Senator Jeff Brandes (R-St. Petersburg) has formally asked his colleagues to support the call he made to hold a special legislative session to focus on the Florida property insurance crisis. The state has been losing insurers as they withdraw or go into liquidation. “We can no longer wait on this issue,” said Brandes, who issued a “template letter” to his colleagues so those lawmakers could send it to the Department of State. The goal is…

Florida Citizens Insurance rates might be climbing higher soon

April 5, 2022April 4, 2022 H. Cutner

Citizens Insurance - Higher Rates Florida

The insurer of last resort might become less affordable to people across the state. Homeowners in Florida could soon find that even insuring themselves with Citizens Insurance, the last resort coverage in the state, will lead to higher premiums. The state’s battered homeowners market is forcing policies into the state-backed insurer’s hands. As a growing number of homeowners leave Florida or find themselves in liquidation, many property owners find that they don’t have a choice other than to turn to Citizens Insurance for coverage. This has left the insurer covering…

Iowa home insurance appraisal bill’s future unclear following tornadoes

March 11, 2022March 10, 2022 Logan B.

It’s no longer clear whether the bill will advance but critics say it will make claims tougher. It isn’t obvious whether lawmakers will advance an Iowa home insurance bill that would make it tougher for policyholders to make claims for damage related to natural disasters such as the tornadoes that cut their way through parts of the state last weekend. The bill’s design would restrict the appraisal process applied to disputed claims. The restrictions to the Iowa home insurance appraisal process used for disputed claims. If the bill passes it…

Insurers remind consumers about Earthquake Awareness Month

February 11, 2022February 10, 2022 Logan B.

February is meant to be a time for property owners to review their coverage in case of a tremor. February is recognized as Earthquake Awareness Month, and insurance companies are reminding their customers to take this opportunity to review their coverage and ensure that they are prepared for the worst. This time is meant to help raise awareness of the importance of preparedness and coverage. Insurance companies use Earthquake Awareness Month to help make certain that their policyholders know how to keep themselves and their families safe in case a…

Nevada bill blocks home insurance companies from discriminating against dog breeds

January 18, 2022January 17, 2022 H. Cutner

Home insurance - bill to stop discriminating dog breeds

Pet owners will now be able to choose any breed they want without risk of challenges from their insurers. Dog owners will now face fewer challenges from housing and home insurance companies regardless of the breed of pet they have or want to adopt. Certain breeds or sizes of dog are often not accepted in apartments and affordable housing. Dogs such as German Shepherds, Pit Bulls or even any large breed are commonly not acceptable in apartments or affordable housing. There are also many home insurance companies that will refuse…