Posts Tagged ‘home insurance’
FEMA Releases New Flood Insurance Rates by ZIP Code. Brace for Impact.
When the Federal Emergency Management Agency unveiled its new Risk Rating 2.0 methodology for calculating flood insurance, advocates and critics alike warned that it would mean higher premiums for thousands of property owners, especially in low-elevation coastal areas. Now, the full impact of the sticker shock is becoming clear, thanks to new data released…
Read MoreInsurance Could and Should Help Drive Gun Safety Efforts
Three out of four Americans believe gun owners should be required to have firearm liability insurance. Those are the numbers out of a new ValuePenguin survey of 1,995 people ages 18 to 77 exploring attitudes about the role insurance could play in reducing gun violence. While some may say that it isn’t the insurance industry’s place…
Read MoreCalifornia Community Braces for Floods as Epic Snow Melts
Ron Caetano is packed and ready to go. His family photos and valuables are in the trailer and he’s put food in carry totes. He moved the rabbits and chickens and their automatic feeders to higher ground. He and his family and dogs could get out in less than an hour, they figure, should…
Read MoreFinding cost-saving insurance alternatives for rental investors
How can a contractor get a better rebuild insurance rate on a property? This article was produced in partnership with REInsurePro. Desmond Devoy, of Insurance Business America, sat down with Shawn Woedl, CEO of REInsurePro, to discuss insurance solutions for real estate agents and their investor clients. With a hard property market, it is important…
Read MoreFlood insurance pricing formula to be tweaked further
Secretary of Homeland Security Alejandro Mayorkas has revealed during a congressional hearing last week that the federal system for setting flood insurance premiums needs more tweaking than initially expected. According to a report by The Advocate, Mayorkas told the Homeland Security Committee the approach to the program is being reviewed and hinted at plans…
Read MoreCalifornia Department of Insurance Orders Refunds over Bogus Mailers
An insurance company offering home warranties must refund Californians who were reportedly deceived by a misleading mailer sent to hundreds of thousands of consumers. According to an investigation by the California Department of Insurance, Response Indemnity Company of California worked with an unlicensed marketing company that mailed a “final notice” to consumers falsely warning that…
Read MoreJust when we need it, almost no one in California has flood insurance
SAN FRANCISCO (KGO) — As rain continues to pummel the state, Californians are facing a grim reality. Storms have caused billions of dollars in damages, yet only a fraction is covered by insurance, leaving homeowners to pay out of pocket for repairs. It can run in hundreds of thousands of dollars. It’s a catastrophe…
Read MoreThe U.S. Leads the World in Weather Catastrophes – Here’s Why
The United States is Earth’s punching bag for nasty weather. Blame geography for the U.S. getting hit by stronger, costlier, more varied and frequent extreme weather than anywhere on the planet, several experts said. Two oceans, the Gulf of Mexico, the Rocky Mountains, jutting peninsulas like Florida, clashing storm fronts and the jet stream combine…
Read MoreNew Mexico and Arizona Officials Warn of Wildfire Risk as Southwest Dries out
Snowcapped mountains in the Southwestern U.S. signal a possible delayed start to the wildfire season for some higher elevations, but officials in New Mexico and Arizona warned that dry, windy conditions in other areas are increasing wildfire risks and prompting red flag warnings. With leaves crunching under her feet and the wind starting to kick…
Read More$1.5M for California Homeowners Overcharged Under Wildfire Risk Score
Kemper Independence Insurance Co. has issued more than $1.5 million in refunds to thousands of California homeowners after the California Department of Insurance found the carrier overcharged policyholders for wildfire risk. Kemper and its affiliate insurance company, Unitrin Auto and Home Insurance Co., have also agreed to a combined penalty of $617,200 to the…
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