Tag: reinsurance costs

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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North Carolina’s Biggest Insurance Hike in Years

G. Turner
North Carolina Home Insurance

North Carolina Homeowners Face Rising Insurance Premiums Amid Settlement Agreement North Carolina homeowners will soon see their insurance premiums rise following a recently announced settlement between the state Insurance Department and the insurance industry. The increase will be gradual, averaging 15% statewide by mid-2026. While the new rates are lower than what the industry initially proposed, the settlement demonstrates the growing pressures on insurers as they deal with inflation, costly natural disasters, and other challenges. Understanding the Settlement and Its Impact on Homeowners The settlement reduces what could have been…

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Florida Home Insurance Premiums on the Rise Again

G. Turner
Florida Home Insurance

Why Florida’s Insurance Rates Are Climbing Faster Than Ever Home insurance premiums in Florida are climbing higher, sparking fresh concerns among homeowners and consumer advocates. While stabilized rates in early 2024 offered respite, recent data from the third quarter show an uptick in costs, reversing the trend of slowing increases. Understanding the factors behind these changes is vital for homeowners and industry leaders alike, as new dynamics including inflation, reinsurance prices, and storm recovery efforts take center stage. Rising Insurance Premiums in Florida An analysis of data from Florida’s Office…

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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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California Faces Another Tough Blow as USAA Implements Steep Rate Increase

Ryan Cox
USAA Implements Steep Rate Increase

Significant Insurance Rate Hikes for USAA Customers in California California homeowners are facing significant financial adjustments as USAA Casualty Insurance Co. announces a sharp increase in insurance rates. Effective December 1, 2024, the company has implemented an average rate hike of 25.9%, with increases for some policyholders reaching a staggering 48.5%. This decision comes amid a broader pattern of rising insurance rates across California and reflects evolving challenges within the state’s already strained insurance market. Rate Increases Across USAA Subsidiaries The December rate hike is part of a wider adjustment…

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California Homeowners Face 34% Rate Hike as Allstate Follows State Farm’s Lead in Insurance Shakeup

Archie Walsh
California Homeowners insurance rates going up

LOS ANGELES: In a move that mirrors State Farm’s recent actions, Allstate is seeking a substantial increase in its California homeowners insurance premiums. First reported by the Los Angeles Times, Allstate aims to raise rates by an average of 34%, marking the largest rate hike in the state this year. If approved by the California Department of Insurance, this increase will impact over 350,000 policyholders. This latest development follows State Farm’s request for significant rate increases, including a 50% hike for renters and a 30% hike for homeowners. The six-largest…

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California Insurance Commissioner Announces Game-Changing FAIR Plan Reform

Live Insurance News
California insurance commissioner Ricardo Lara- ABC 10 News YouTube

LOS ANGELES — In a significant move to address California’s ongoing insurance crisis,unveiled a breakthrough agreement to modernize the California FAIR Plan Association (FAIR Plan), the state’s “insurer of last resort.” This initiative is a key component of Lara’s Sustainable Insurance Strategy, marking the largest insurance reform since Proposition 103 was passed in 1988. Modernizing the FAIR Plan “Modernizing the FAIR Plan is a crucial step in our strategy to stabilize California’s insurance market,” said Commissioner Lara. “It’s critical for Californians to understand that a growing FAIR Plan contributes to…

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