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Property Insurance

All articles tagged with #property insurance

insurance1 year ago

"California's Growing Insurance Crisis: Two More Property Insurers Exit Market"

Two more insurance companies, Tokio Marine America Insurance Co. and Trans Pacific Insurance Co., both owned by Tokio Marine Holdings Inc., are ending property insurance coverage in California, impacting over 12,500 policyholders. This adds to the growing list of insurers fleeing the state, leaving homeowners facing loss of coverage and surging premiums. California's insurance commissioner has called it "a real crisis," as seven of the 12 largest insurance groups in the state have either paused or restricted new homeowner policies in the past year.

via Fox Business|
#california#homeowners#insurance
insurance-market1 year ago

California Home Insurance Market Struggles as Two More Companies Exit

Two more insurers, Tokio Marine America Insurance Co. and Trans Pacific Insurance Co., both units of Japan-based Tokio Marine Holdings Inc., are set to withdraw from California's property insurance market in July, impacting 12,556 policies with premiums of $11.3 million, further straining the state's already challenged insurance market.

via Bloomberg|
#california#insurance-market#market-withdrawal
insurance1 year ago

"Florida Welcomes 8 New Insurers to Tackle Rising Home Premiums"

Florida has approved eight new insurance companies to enter the state's market, potentially stabilizing the fragile insurance market and providing homeowners with more choices. This move comes as homeowners struggle with high premiums, with some paying close to $5,000 a year for insurance. The companies' entry is seen as a positive sign for the market's health, and it follows efforts to address property insurance issues in the state. With the 2024 hurricane season forecasted to be very active, homeowners are advised to prepare and explore options to mitigate high insurance rates.

via WEAR|
#florida#home-insurance#hurricane-season
insurance1 year ago

State Farm's Decision: Non-Renewal of 72,000 California Policies

State Farm General Insurance Company plans to non-renew 72,000 policies in California, including 30,000 property insurance and 42,000 commercial apartment policies, citing the need for long-term sustainability due to financial challenges such as inflation and reinsurance costs. The company's decision to withdraw from the commercial apartment market in California and non-renew certain property insurance policies is a response to the state's insurance regulations and its efforts to establish an environment where insurance rates better align with risk. This move follows State Farm's previous decision to stop accepting new insurance applications for all business and personal property in California, with other companies like Allstate also making similar announcements.

via KTLA Los Angeles|
#california#insurance#insurance-regulations
insurance1 year ago

State Farm to Drop Tens of Thousands of California Property Insurance Policies

State Farm, California's largest property insurer, will not renew around 72,000 property and commercial apartment policies, citing higher construction costs, growing risk from catastrophic events, and challenges related to insurance regulations. The decision follows the company's halt on new applications for property and business policies in May. The California Department of Insurance has announced regulatory changes, and State Farm has agreed to work with the agency to align insurance rates with risk. The non-renewals will begin in July for homeowners policies and in August for commercial ones, affecting about 2% of the company's footprint in the state.

via Yahoo News|
#california#insurance#policy-non-renewal
finance1 year ago

Florida Homeowners Brace for Over 50% Insurance Premium Hikes

Two Florida insurance companies, Castle Key Indemnity Company and Amica Mutual Insurance, are seeking rate hikes of over 50% for condo and vacation home owners, citing increased repair costs, severe weather, and higher reinsurance premiums. Allstate, the owner of Castle Key, stated that the rate increase was filed nearly a year ago and has begun rolling out to customers. Industry experts attribute the cost increase to factors such as the Surfside condo collapse, inflation, and higher reinsurance prices. Former State Sen. Jeff Brandes emphasized the need for the legislature to address the rising cost of homeowners insurance in Florida with a long-term strategy.

via WFLA|
#allstate#finance#florida
financeinsurance2 years ago

"Homeowners Insurance Crisis: The Nightmare of Buying Coverage in America"

The cost of insuring homes in America is skyrocketing, with premiums jumping by an average of 21% from May 2022 to May 2023. Weather events are becoming more destructive, leading to underwriting losses for insurers. This is impacting the housing market, with some of the strongest housing markets experiencing stalled home sales and condo buildings becoming ineligible for mortgages. Insurers are abandoning entire states, leaving residents with fewer and costlier choices for protection against costly catastrophes. The rising cost of property insurance is making it difficult for homeowners to afford insurance, impacting real estate development and causing some to forgo insurance altogether.

via New York Post |
#climate-change#financeinsurance#homeowners-insurance
politics2 years ago

DeSantis' Budget Plan: Key Takeaways and Controversial Cuts

Florida Governor Ron DeSantis has unveiled his proposed budget plan, which is $4.6 billion lower than the current budget at $114.4 billion. Some key takeaways from the plan include a focus on agriculture policy, tax cuts of $1.1 billion, the elimination of 1,000 state jobs, and measures to address Florida's property insurance crisis. DeSantis is also pushing for conservative education policies and increased spending on education and Everglades restoration. The plan will now be considered by the Republican-supermajority Legislature.

via POLITICO|
#agriculture-policy#budget#politics
business2 years ago

Potential Relief for Expensive Florida Home Insurance Premiums

Condo associations in Florida are grappling with significant increases in property insurance rates, causing financial strain for residents. Meanwhile, Citadel founder Ken Griffin believes Miami could potentially surpass New York as the world's financial center. Online pet supply company Chewy plans to lay off around 200 employees due to recession fears. Positive Healthcare is leaving Florida, leading to an insurance scramble for HIV/AIDS patients. St. Pete-based Climate First Bank receives LEED platinum certification and expands its executive team.

via Florida Trend|
#business#finance#florida
insurance2 years ago

"Florida Officials Offer $1K Discount on Property Insurance Premium, but at a Price"

Florida officials have promised a $1,000 discount on property insurance premiums through the "My Safe Florida Home Program." However, in order to qualify for the discount, homeowners must first spend over $1,000 to upgrade their homes against storms. The program, which offers free home inspections and financial assistance for roof, door, and window upgrades, has been popular but faces a backlog of nearly 18,000 applications due to limited funding. State leaders are allocating an additional $176.2 million to address the backlog.

via WFLA|
#disaster-relief#florida#insurance
insurance2 years ago

"Reducing Risks: The Key to Affordable Property Insurance Premiums"

A study by a risk assessment company suggests that Florida homeowners may not see lower property insurance premiums for a while, despite recent legislative reforms. Factors such as the increasing severity of hurricanes, rising losses from non-hurricane storms, inflation, rising construction costs, excessive litigation, and soaring re-insurance costs are contributing to the high premiums. The study recommends tougher building codes, retrofitting existing properties, and increasing land use planning as potential solutions to reduce risks and eventually lower consumer costs. Lawmakers will address these issues in the next session starting in January.

via WESH 2 Orlando|
#florida#insurance#legislation
business2 years ago

California's Proposed Rules for Insurance Companies: Addressing Climate Risks and Homeowners' Insurance Crisis

California Insurance Commissioner Ricardo Lara plans to write new rules aimed at persuading insurance companies to continue doing business in the state. The proposed rules would allow insurers to consider climate change when setting rates and potentially factor in some reinsurance costs. However, insurance companies would still need permission from the state to raise rates. The goal is to encourage insurers to write more policies for homeowners in wildfire-prone areas, with a requirement of at least 85% of their statewide market share. The rules could increase competition and potentially hold rate increases in check, but consumer groups express concerns about potential higher prices for homeowners. The deadline for completing the new rules is December 2024.

via PBS NewsHour|
#business#california#climate-change
insurance2 years ago

California's Proposed Rules for Property Insurance and Climate Change Risk: What You Need to Know

California Insurance Commissioner Ricardo Lara plans to write new rules for property insurance companies in an effort to persuade them to continue doing business in the state. The proposed rules would allow insurers to consider climate change when setting rates and potentially factor in some reinsurance costs. However, insurance companies would still need permission from the state to raise their rates. The goal is to encourage insurers to write more policies for homeowners in wildfire-prone areas, with a requirement of at least 85% of their statewide market share. The rules could potentially increase competition and help control rate increases. The process of finalizing the rules is expected to be completed by December 2024.

via KTLA Los Angeles|
#california#climate-change#insurance
politics2 years ago

"California's Governor Implements Sweeping Home Insurance Reforms to Address Climate Risks"

Governor Gavin Newsom has signed an executive order urging Insurance Commissioner Ricardo Lara to take swift action to stabilize and improve California's property insurance marketplace in the face of increasing climate change-related threats. The order aims to expand coverage choices for consumers, improve the rate approval process, maintain the solvency of the FAIR Plan, and accelerate the implementation of potential regulations. The goal is to strengthen the marketplace while ensuring fair prices and protections for Californians.

via Office of Governor Gavin Newsom|
#california#climate-change#governor-newsom
finance2 years ago

Florida Homeowners Insurance Costs Continue to Soar

Homeowners insurance rates in Florida are expected to increase by 40% in 2023 due to inflation and severe weather, making it the highest average insurance premium in the US. The population boom in Florida during the pandemic has also contributed to the rising rates. To mitigate the cost, homeowners are advised to shop around for the best rates, bundle insurance policies, increase deductibles, and research discounts. However, the rapidly rising cost of property insurance may make it difficult for some Floridians to maintain their homes.

via Business Insider|
#cost-of-living#finance#florida