23 Jun, 2011
2010 Home Insurance Home Insurance Claims Insurance Claims
Both home insurance claims and payouts for damages caused by lightning rose significantly from 2009 to 2010, a recent study from the Insurance Information Institute (I.I.I.) revealed.
The weather has certainly been a frequent topic in the news recently, with massive damage being seen throughout the U.S. as a result of both tornadoes and strong thunderstorms. Many homeowners in coastal regions are also well aware that it is currently hurricane season.
According to the I.I.I., homeowners in the U.S. made more than 213,000 home insurance claims as a result of lightning damages in 2010. This is a 14.8 percent increase from 2009, when nearly 186,000 claims were made.
The total cost involved in lightning claims grew at almost twice the pace from 2009 to 2010.
Read more…
24 Mar, 2011
Home Insurance Home Insurance Rates Insurance Rates Rates
A new bill in Florida that could result in higher home insurance rates for state residents cleared a Senate committee last week.
Senate Bill 1330 (SB 1330) would allow insurers to increase home insurance rates in Florida by up to 30 percent a year – without authorization from regulators.
SB 1330 aims to deregulate Florida home insurance rates by authorizing insurers to use rates that differ from rates approved by the Office of Insurance Regulation (OIR). Under current law, rate hikes that are deemed excessive can be rejected by regulators. But under the proposed legislation, insurers would be allowed to raise home insurance rates without approval.
On March 16, 2011, SB 1330 was approved by a Senate insurance committee by a vote of six to three. <
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29 Jan, 2011
Home Insurance Home Insurance Rate Insurance Rate Rate
Homeowners in North Carolina may soon want to compare home insurance rates, as they may find sharp increases in premiums due to a new proposal from insurers.
In recent weeks, insurers in the state have been looking to raise certain home insurance rates in North Carolina from 7 to 25 percent. The change, which would be made effective this year, would increase the price of coverage on some homes by an average of 21 percent statewide, according to estimates by The North Carolina Rate Bureau.
The insurers say the increases will be made on dwelling fire coverage. Read more…
15 Nov, 2010
Home Insurance Home Insurance Premiums Insurance Premiums Premiums
The number one way to find cheaper household insurance premiums is to compare home insurance premium rates. One easy way to shop around for cheaper home insurance premiums is to use an online website that has comparison features. Variations in premiums and home cover quotes within search results will come from the different criteria that an insurance provider requires. Some insurance providers will have a history of more claims within certain postcodes, which increases premiums, while another insurance provider will have fewer claims within their history of a postcode, which will allow for a reduced required premium. Read more…
22 Oct, 2010
Home Insurance Insurance
The home insurance sector has grown rapidly since 2004, with 73 per cent more providers in the market today, meaning more choice for consumers. According to a report from Defaqto, an independent financial research company, the home insurance industry is going through a challenging period for insurers, which are struggling against an influx of new competitors, but one of opportunity for customers. A “number of challenges and a period of transition” are currently facing the home insurance industry, says Defaqto, following a 73 per cent rise in the number of providers in the last six years, driven by comparison websites and major retail brands like supermarkets entering the market. Read more…