Live Insurance News

Florida’s Property Insurance Shake-Up: What Homeowners Need to Know

February 5, 2025February 4, 2025 H. Cutner

State-Backed Citizens Insurance Plans to Raise Rates Residents across Florida are bracing for another surge in property insurance costs as Citizens Property Insurance, the state’s insurer of last resort, inches closer to finalizing a 14% rate increase for 2025. This proposal, already approved by Citizens’ board, seeks to align rates with the private market while continuing efforts to reduce the insurer’s policyholder count. But as Floridians juggle rising premiums and limited options, the bigger question remains—what’s the way forward? Why Are Florida Insurance Rates Rising? Florida’s property insurance market faces…

State Farm Sounds the Alarm with Emergency Rate Hike—Here’s What Homeowners Need to Know

February 5, 2025February 5, 2025 Live Insurance News

State Farm’s Financial Struggles Amid Wildfire Claims California is no stranger to devastating wildfires, and the recent Palisades and Eaton fires in Los Angeles have once again highlighted the financial strain these natural disasters impose. This time, the repercussions are driving California’s largest homeowner insurance provider, State Farm General, to seek an emergency interim rate hike of 22%. The company says the increase is necessary to stabilize its finances after paying over $1 billion in claims related to the destruction caused by the fires. State Farm’s request, submitted to California’s…

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

January 13, 2025January 13, 2025 Nordstrom

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,…

Ensuring your insurance claim gets paid

January 18, 2014January 17, 2014 S.Vagus

Insurance claims can be tricky Insurance claims are generally straightforward, but they can become quite tricky to manage, especially when natural disasters strike. When a person falls ill and must receive medical care or when a property is damaged by a powerful storm, an insurance claim is generated. These claims are not approved by insurance companies outright and insurers typically investigate the claims they receive to ensure that they are not fraudulent. At times, even honest claims are rejected by companies because the claimant did not provide enough information or…

Homeowners insurance price rising higher in Ohio

August 23, 2013August 20, 2013 G. Turner

The state that has previously experienced low auto will also see higher premiums in that sector. According to the latest auto and homeowners insurance data that has been released from the Ohio Department of Insurance, the price of both of those forms of coverage is on the rise, despite the fact that this state is known for its low rates. There was an average increase of 4.1 percent among the leading 10 private passenger auto insurer groups. Moreover, among homeowners insurance groups, the increase in Ohio was an average of…

Australia looking at insurance premium increases

February 6, 2011 Nordstrom

Many predict insurance rates to increase in upcoming years for Australians due to a relentless wave of natural disasters thrashing the countryside. How much of an increase is hard to say, analysts and insurance companies are calculating the total financial loss from the Queensland flood and Cyclone Yasi, and will adjust accordingly. Wild figures being thrown out of 30% rate increases have been talked down by Patrick Snowball, chief executive of the Suncorp Insurance Group, the largest insurer of Australia. Stating it’s still too early to tell but insurance companies…