Tag: rising insurance rates

How New Insurance Laws Could Change Auto and Home Insurance in Florida Forever

Ben Jones
Auto and Home Insurance in Florida

Florida Insurance Woes as Challenges Mount for Homeowners and Drivers Florida is at a crossroads when it comes to its insurance market, with homeowners and automotive policyholders grappling with escalating costs and industry instability. State lawmakers are taking on the issue with proposed laws that aim to create transparency, reduce premiums, and hold insurance companies accountable. However, with rising property insurance premiums and Florida’s rank as the most expensive state for car insurance, finding a workable solution is proving complex. Here’s a closer look at what’s happening, why it’s important,…

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The Ripple Effect of High Tort Costs on Texas Insurance Rates

H. Cutner
High Tort Costs on Texas Insurance Rates

How Texas Stands Out in Tort Lawsuit Costs Texas is no stranger to big numbers—whether you’re talking about its size, economy, or legal landscape. But one area where the Lone Star State makes an unfortunate mark is in tort lawsuit costs. With an average of $4,594 per household in 2022, Texas ranks 10th nationwide for its tort costs, even outpacing many larger states. What makes Texas different, and why does this matter to you as a resident? A Legal System Known for High Stakes One key factor is Texas’s reputation…

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Insurance rates in Missouri to rise after troublesome year of natural disasters.

Missouri residents can expect to see higher rates for their homeowners insurance in the coming months thanks to the major disaster that struck the town of Joplin early last year. On May 22, 2011, a massive tornado rolled through Joplin, causing unprecedented damage throughout the town causing many businesses to shut down and leaving nearly a third of the town uninhabitable. The tornado cost the state millions of dollars in insured losses, and now insurers are looking to recovery some of that money. Several insurers have proposed rate hikes between…

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Investment vehicles help promote investor action in the insurance sector

S.Vagus

This year’s string of devastating natural disasters has put insurers on edge. Earthquakes, tornados, floods and fires have drained capital levels throughout the insurance industry. In an effort to recover from such dramatic losses, many insurers have taken to ramping up their rates. Higher premium rates mean that companies will be able to recover their losses faster, but it also means they stand to make quite a bit of profit. This has not gone without notice, as investors begin flocking to the industry, seeing opportunity in the rampant calamity. “There…

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