Tag: rate increase

North Carolina property owners to see dwelling insurance rate spike by 8 percent

G. Turner
Dwelling Insurance - North Carolina - 8 percent increase

Commissioner Mike Causey announced the average rate increase across the state. North Carolina Insurance Commissioner Mike Causey has announced that following negotiations with the dwelling insurance market, there will be an average 8 percent rate increase across the state. The increase is substantially lower than what was requested The North Carolina Rate Bureau had been seeking an average increase to dwelling insurance rates of 50.6 percent.  That means that following negotiations, it was reduced by 42.6 percent to arrive at the average that will be implemented in the state. This…

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Allstate Changes Down Payment After Insurance Settlement

Logan B.
allstate downpayment reinstated

Allstate, the insurance giant based in Northbrook, Illinois, has made a significant change to its down payment policy for new auto insurance policies. The move comes after a settlement with the California Department of Insurance regarding the insurer’s rate increase application. The Former Down Payment Restriction In July 2022, Allstate began requiring consumers to pay a 50% down payment on new auto policies. This policy represented a substantial upfront cost for consumers, given that the average annual cost for car insurance in California ranges from $1,500 to $1,999, according to…

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Good News Long-Term Care Insurance Agents Should Be Sharing

Jesse Slome
long term care insurance agents have good insurance news

Agents tired of the seemingly endless negative news that has plagued the long-term care insurance industry finally have some good news to share. Actually, two pieces of welcome news. Costs for long-term care insurance protection are down from the prior year. In some instances, costs are as much as 15 percent lower. Considering all the negative news focused on rising prices and their impact on consumers, especially older Americans, this is a bit of welcomed, good news. The data comes from the just released 2023 Long-Term Care Insurance Price Index…

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North Carolina homeowners insurance companies called to justify rate increases

Marc
North Carolina Insurance News

North Carolina homeowners insurance becomes target of regulatory action Insurance companies in North Carolina are being called upon to justify a proposed increase in insurance rates. According to the state’s Department of Insurance, many homeowners insurance providers have proposed an average rate increase of 18% throughout the state. The proposition has caused some turmoil amongst consumers who consider such an increase to be unfair. Insurance Commissioner Wayne Goodwin is now calling upon North Carolina homeowners insurance companies to provide more information on why they believe the rate hikes to be…

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Homeowners insurance rate hike to face the public at a hearing

Insurance Commissioner Wayne Goodwin - Homeowners Insurance

The state commissioner has requested that insurers not raise prices until after the meeting. Wayne Goodwin, the commissioner for North Carolina, has stated that any decision regarding increases in homeowners insurance rates will need to be held off until after June 3, 2013, when a public hearing has been set. The commissioner is seeking the public’s insight before potentially massive increases occur. According to Goodwin, he and his staff worked throughout the weekend, on top of a great deal of overtime that they have already been putting in, in order…

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Allstate proposes higher rates for Pennsylvania homes

S.Vagus

Allstate of Pennsylvania has issued a new rate proposal for its property and casualty insurance lines. The company is seeking to raise its rates due to the unprecedented frequency of national disasters befalling the state. These disasters have placed the insurer under enormous financial pressure as it attempts to mitigate the damage caused by this year’s multitude of storms. The insurer is asking state regulators for approval to raise its rates by an average of 20% for the 195,000 policies in effect in Pennsylvania. This year’s storms have caused damage…

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Two former insurance executives appointed to Florida’s Citizens Property Insurance to help solve some of the company’s problems

Nordstrom

As Florida continues to struggle with controversial rate increases from the state-backed Citizens Property Insurance, Governor Rick Scott has appointed two insurance professionals to serve as board members for the company. These two former insurance industry executives will serve as a catalyst for change in the company. Governor Scott has said that he wants to reduce the coverage of Citizens, enabling competition with private insurance companies. Now that Citizens board of directors is populated with members with extensive histories in the industry, Scott’s goal may now be attainable. Citizens new…

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