Instead of getting “replacement cost†coverage, insurers could offer “true cost†policies for older roofs. by: Shannon Behnken Posted: February 5, 2021 / 6:40 PM EST / Update: February 9, 2021 / 9:18 AM EST TAMPA, Fla. (WFLA) – Homeowners in Florida are starting to see results as insurance companies take drastic action to...
Read MoreAccording to the latest Applied Systems Premium Rate Index results, the average personal premium rates for automobiles in Canada fell 2.6% in the fourth quarter of 2020 compared to the same period in 2019, but some provinces recorded an increase. On average, premium rates at the end of 2020 and in the fourth quarter...
Read MoreThe Florida Supreme Court issued an opinion Thursday stating that state law does not allow an insured to recover “extra-contractual consequential damages.” The high court’s opinion was a response to the Fifth District Court of Appeal certifying a “matter of great public importance”. And Roy Oppenheim, co-founder and senior partner of Oppenheim Law in...
Read MoreInsurers are no strangers to large-scale technological change, but 2020 has been unique in the magnitude of the change. Incumbents spent much of 2020 moving complex IT infrastructures to the cloud and implementing new remote risk assessment technologies, in order to continue to serve their customers safely and efficiently. . While individual property and...
Read MoreIn the wake of the worst fire season in California history and a dramatic increase in denials of residential property insurance in fire-risk areas, the state insurance commissioner extended Thursday a moratorium on non-renewals and refusals which he says will affect more than 2 million policies. incumbents, many in the Bay Area. The areas...
Read MoreThe Florida Office of Insurance Regulation is monitoring the state property insurance situation, viewed as a crisis by industry players. The regulator said the insurance market has been rocked by several hurricanes in recent storm seasons, as well as other market challenges such as Abuse of Benefit Attribution (AOB), which ” have led to...
Read MoreThe news from Main Street is grim. Every day, new ranks are added to the growing list of companies laying off staff as the coronavirus pandemic lockdown wreaks havoc on the economy and shopping habits, in particular. Likewise, commercial office buildings remain largely empty as employees continue to work from home. As the public...
Read More(The Center Square) – A quadfecta of factors merge into one reality for Florida’s 6.2 million property insurance policyholders: Significant rate hikes await next policy renewal – if carriers to low cap choose to renew them. Tallahassee-based Capitol Preferred Insurance Co. (CPI) has filed a proposal for a 26.2% premium increase for its 84,000...
Read MoreThe BC government is making changes to strata financial and real estate rules to deal with soaring insurance costs for multi-family buildings. Changes introduced to the British Columbia legislature on June 23 would require strata companies to notify owners of insurance coverage, including increased deductibles, and allow strata boards to use their contingency funds...
Read MoreA recent Society of Actuaries survey found climate change was the top emerging risk cited by respondents, and Aon’s latest ‘Weather, Climate & Catastrophe Insight’ report finds natural disaster events have led to damage of $232 billion in 2019, of which only $71 billion was covered by insurance. The increasingly dire situation creates huge...
Read MoreKent Michitsch appeared to be running out of traditional options to insure the home he has lived in northeast San Diego for more than 30 years as California’s huge property insurance market is reeling from three consecutive years of destructive forest fires. Michitsch, 57, has received three non-renewal notices in three years and says...
Read MoreAbout State Farm – Tommy Hundley | Auto, Home and Property Insurance | Wytheville, Virginia In activity since: 1956 Experienced and Helpful State Farm Insurance Agent Tommy Hundley has been an insurance agent for almost 20 years. Located next to the Wythe County Circuit Courthouse, he and his team at his office in Wytheville,...
Read MoreTrÅv, the on-demand personal property insurance service, is launched in the United States, the company announced today. TrÅv’s first stopover in the United States will be Arizona. The service is already available in the UK and Australia, where customers have signed up to insure items 1 million times since the company was launched. A...
Read MoreWhat is property insurance? Property insurance is a general term for a series of policies that provide property protection coverage or liability coverage to homeowners. Property insurance provides financial reimbursement to the owner or lessee of a structure and its contents in the event of damage or theft, and to someone other than the...
Read MoreWhat is property insurance? The basic goal behind purchasing any insurance is to make yourself financially complete after a loss. You agree to pay a small certain charges to an insurance company today in exchange for a guarantee from the company that it will bear the burden of a large but uncertain loss in...
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