Tag

Rising Premiums

All articles tagged with #rising premiums

financeinsurance1 year ago•6 min saved

"Rising Costs: Homeowners Struggle as Insurance Market Crumbles"

The home insurance market is in turmoil, with homeowners across the US facing limited coverage options and soaring premiums due to climate change, increased severe weather events, and rising costs for insurers. Many homeowners are experiencing significant premium increases or having their policies canceled, forcing them to seek coverage from state-supported insurers of last resort at much higher costs. The situation is particularly dire for those living in high-risk areas, with some insurers ceasing to issue policies altogether. As a result, some homeowners are struggling to afford insurance and are being driven to forgo coverage, raising concerns about the growing number of uninsured homes and the need for stronger oversight and climate change adaptation measures.

via CNN|

#climate-change #extreme-weather #financeinsurance

finance1 year ago•2 min saved

"Uncovering the Surging Costs of Car Insurance in 2024"

The annual cost of auto insurance in the D.C. area has surged by 42%, far exceeding the national average increase of 26%. Factors contributing to this rise include inflation affecting healthcare supplies and car parts, extreme weather, labor costs, and product shortages. Additionally, an increase in fatal crashes and carjackings, particularly in the District, has led to higher premiums. The cost of repairing even minor damages has also risen due to advanced car safety technology, contributing to the overall increase in insurance costs.

via WTOP|

#auto-insurance-costs #car-insurance #car-safety

personal-finance2 years ago•12 min saved

The Pitfalls of Long-Term Care Insurance

The private insurance market for long-term care has failed to provide financial security for millions of older Americans, as insurers underestimated the number of policyholders who would use their coverage, how long they would live, and the actual cost of care. Only 3 to 4 percent of Americans 50 and older have long-term care insurance, despite federal estimates that 70 percent of people 65 and older will need critical services before they die. Insurers have raised premiums, narrowed the eligible pool of clients, and stopped selling stand-alone policies altogether. Many policyholders face difficult choices of paying more, reducing benefits, or dropping coverage. Experts argue that a government-subsidized or public program is needed to address the growing burden of long-term care costs.

via The New York Times|

#elderly-care #financial-security #insurance-market

finance2 years ago•4 min saved

"Unveiling the Surprising Factors Behind Skyrocketing Car Insurance Premiums"

The cost of auto insurance has surged by over 19% in the past year, outpacing overall inflation, due to several factors. Risky driving habits have increased since the pandemic, leading to a rise in accidents and fatalities. Repair and replacement costs have also risen due to supply chain disruptions and labor market challenges. Natural disasters, including hailstorms, have contributed to higher insurance premiums. Insurance regulators face the challenge of balancing affordable premiums for drivers while ensuring the solvency of insurance companies. To save money, drivers are advised to shop around, bundle insurance policies, consider installing tracking apps, and carefully evaluate deductibles to avoid being underinsured.

via NPR|

#auto-insurance #car-insurance #finance