Tag: insurance policy changes

California FAIR Plan Under Fire: Can Emerging Tools and Policies Ease the Pressure?

H. Cutner
California FAIR Plan

California’s Insurance Market Struggles Under Wildfire Pressures: Are We Headed for Another Bailout? California’s insurance market is teetering under the weight of relentless wildfire seasons, leaving consumers, insurers, and regulators to piece together a system that bears increasingly alarming cracks. With wildfires intensifying due to climate change and sprawling development into fire-prone areas, the state faces a financial quagmire deeper than anyone anticipated. Many are asking if another state-backed bailout is inevitable. The Wildfire Tipping Point Wildfires have become a year-round crisis in California, with the latest blazes in Los…

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Why Homeownership Is Getting Harder in HOA Communities

Angela Linders
HOA Communities affected by homeowner's insurance

Rising Insurance Costs Hit Homeowners’ Associations Hard Homeowners’ associations (HOAs) across the United States are dealing with a growing challenge that’s hitting both their budgets and the wallets of individual homeowners—rising insurance costs. This trend, fueled by climate-related risks, aging infrastructure, and shifts in the insurance market, is reshaping how HOAs operate and, in many cases, forcing difficult decisions at both the board and homeowner levels. The Insurance Crunch: A Nationwide Issue From Florida’s hurricane-prone coastlines to hail-prone states like Minnesota and Colorado, insurers are either raising premiums dramatically or…

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Allstate Raising Rates – Why Illinois Homeowners Are Feeling the Heat

Logan B.
Allstate rising rates

The Ripple Effects of Disasters Across State Lines When you think of California wildfires, Illinois might not be the first place that comes to mind. But for Illinois homeowners, the aftermath of these extreme weather events is becoming all too real. Insurance rates in the state are set for another round of increases, with companies like Allstate hiking premiums by 14.3%. And although Illinois hasn’t faced catastrophic fires or hurricanes, the impact of climate change is blurring geographical boundaries, causing ripple effects that stretch far beyond disaster zones. According to…

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Liberty Mutual and Safeco to Exit California Condo and Rental Insurance Markets by 2026

Angela Linders
Liberty Mutual Condo and Rental Insurance

California’s Insurance Market Faces Another Major Shake-up Liberty Mutual, one of California’s major insurance players, has announced it is pulling back on its condo and rental insurance offerings through its subsidiary, Safeco. This decision is expected to impact around 88,000 policyholders across the state. Starting this month, Safeco will stop issuing new policies for condos, renters, and watercraft, while all existing policies in these categories will begin non-renewals in January 2026. While Liberty Mutual has emphasized its continued commitment to offering core Safeco products such as auto, home, and umbrella…

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What the Proposed Rate Hikes Mean for North Carolina Homeowners Insurance Policies

Nordstrom
North Carolina Homeowners Insurance

North Carolina Faces Rising Homeowners’ Insurance Rates Background on the Rate Increase Proposal North Carolina homeowners are bracing for a significant decision regarding a substantial proposed increase in homeowners’ insurance premiums. The North Carolina Rate Bureau (NCRB), representing private insurance companies, has requested an average statewide rate hike of 42.2%. Insurers argue that escalating costs due to natural disasters, repair expenses, and reinsurance premiums necessitate the increase. While the proposed hike averages 42.2%, coastal areas like Emerald Isle and Swansboro could see skyrocketing increases ranging from 71.4% to 99%. Meanwhile,…

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Why New Insurance Rules Could Make Weight Loss Treatments Harder to Access

Nordstrom
weight loss medications

Independence Blue Cross Restricts Weight Loss Drug Coverage Starting January 1, 2025, Independence Blue Cross (IBX), the largest health insurer in southeastern Pennsylvania, will no longer cover certain weight loss medications, including GLP-1 receptor agonists like Wegovy and Ozempic, when prescribed solely for managing weight. The company will continue covering these medications for individuals with FDA-approved conditions such as Type 2 diabetes or cardiovascular disease. This change impacts both group and individual commercial plan holders, shifting the full cost of these drugs—ranging from $700 to $1,350 per month—to patients who…

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California Insurance Companies Pull Out, But This Rule Could Bring Them Back

Live Insurance News
California Insurance

California’s New Rules to Tackle Home Insurance Crisis with Reinsurance Costs California has unveiled a new regulation allowing home insurers to charge higher premiums to cover reinsurance costs. This decision, led by Insurance Commissioner Ricardo Lara, marks the latest step by the state to address its home insurance crisis, as insurers withdraw from high-risk wildfire areas. Here’s what you need to know about the changes and how they could reshape the state’s insurance market. What the New Reinsurance Regulation Means For the first time in California, insurers can factor reinsurance…

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