State regulators asked more than 400 companies for data on their homeowners insurance businesses. The inquiry comes at a moment when severe weather is increasing risk.
Category: Homeowners Insurance
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As Home Insurance Bills Go Up, Owners’ Coverage Is Going Down
Frequent natural disasters and high inflation have led insurers to raise premiums, and forced many customers to pare back their policies.
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Seeking the ‘Right’ Customers, an Insurer Is Accused of Discrimination
Erie Insurance defends its practice of telling agents to use subjective factors when judging a potential customer. Maryland regulators say the company sought to exclude Black and Hispanic people.
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Idalia Could Become Another Multibillion-Dollar Superstorm
The Category 3 hurricane could expose insurers and their customers to huge losses across a wide stretch of Florida, Georgia and the Carolinas.
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Hawaii Wildfires Spur Insurers to Reassess the State’s Risk
Hawaii has long been a low-risk and profitable market for insurers, but the Maui disaster could change that, and even have a global ripple effect.
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Maui Fires Come at a Moment of Turmoil for the Insurance Industry
Hawaii has the nation’s lowest rates for homeowner coverage because it has not suffered many natural disasters. That may change.
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Insurer’s Retreat in Florida Signals Crisis With No Easy Fix
Farmers is ending some policies in the Sunshine State as insurers struggle with the rising costs of covering climate change-related damage. No one can agree on whom to blame.
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How to Get More Affordable Home Insurance
Weather-driven disasters are causing rates to skyrocket in high-risk regions. But there are things owners can do to save on costs.
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Allstate Is No Longer Offering New Policies in California
Like State Farm, which announced a similar move last week, Allstate cited worsening climate conditions that had made doing business there difficult.
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Treasury Dept. to Ask Insurers for Data on Climate Risks to Measure Coverage Affordability
The New York Times – Business:The department is proposing to gather information from across the country to establish where climate change is making property insurance unaffordable or inaccessible.