News
State Farm's California Homeowners Rate Request: It's Settled— Almost
9+ hour, 34+ min ago (882+ words) The long back-and-forth struggle between State Farm General Insurance Company, the California Department of Insurance and Consumer Watchdog is winding down with the parties agreeing that an emergency 17% homeowners insurance rate hike will stand. Both CDI and Consumer Watchdog, which…...
Reinsurance Program Could Wipe Out Need for Calif. FAIR Plan: Legal Exec
3+ week, 4+ day ago (137+ words) Reinsurance Program Could Wipe Out Need for Calif. FAIR Plan: Legal Exec'Carrier Management Reinsurance Program Could Wipe Out Need for Calif. FAIR Plan: Legal Exec Merritt Farren, a former high-ranking legal executive at Disneyand Amazon, has launched a bid to…...
How Geospatial Fusion is Redefining Underwriting Certainty
1+ mon, 3+ day ago (368+ words) For years, the commercial insurance industry has operated under a compromise. We accepted that the more "precise" an underwriting decision needed to be, the longer it would take to make. High-fidelity risk assessment required manual intervention'underwriters scouring satellite imagery, cross-referencing…...
Flood Risk Misconceptions Drive Underinsurance: Chubb
1+ mon, 1+ week ago (565+ words) A new survey found three overarching themes that affect the purchase of flood insurance centered on awareness, action and coverage misconceptions, according to Chubb's Flood Risk and Resilience report. The survey of more than 1,500 high-net-worth homeowners, commercial businesses, agents and…...
Winter Storm to Cause Billions of Dollars in Insured Losses: UBS
1+ mon, 1+ week ago (410+ words) A major winter storm that hit the United States in recent days is expected to cause billions of dollars in insured losses, analysts at brokerage UBS said in a note. The heavy storm has left much of the central and…...
To Bundle or Not: Kin Now Offers Auto-Home Bundles in Florida, Texas
1+ mon, 2+ week ago (630+ words) Kin, a direct-to-consumer digital personal lines insurer, announced the launch of auto insurance in Florida and Texas. The auto insurance is currently available only as part of a bundle, not as a standalone product. Home insurance customers who choose to…...
California Lawmakers Propose New Regulations as Insurance Battles Linger After Wildfires
1+ mon, 1+ week ago (881+ words) Jen Egan is still dealing with the aftermath of the Palisades Fire that damaged the home of her 83-year-old father, Paul, last January. That has meant more than a year of going back and forth with State Farm, which has…...
LA Fire Survivors Got a Rude Surprise That Could Hit More Americans
1+ mon, 2+ week ago (583+ words) A year after the Los Angeles wildfires, many survivors face the same problem: Their insurance policies aren't paying out enough to cover the cost of rebuilding. It's a tragic predicament. And it will happen again when the next disaster hits....
Homeowners Critical of FAIR Plan, State Farm 1 Year After LA Wildfires
2+ mon, 21+ hour ago (1238+ words) On the first anniversary of the most destructive wildfires in the L.A. area, the scant home construction projects stand out among the still mostly flattened landscapes. Fewer than a dozen homes have been rebuilt in Los Angeles County since the Jan....
Insurance Costs, Climate Concerns Factor Heavily in U.S. Home Buying Decisions
2+ mon, 2+ day ago (374+ words) Though nearly half of U.S. homeowners are considering a move, this year is expected to bring greater market stability, according to an inaugural report on homeownership trends by Kin. The direct-to-consumer digital home insurance provider found that climate-related concerns and insurance…...