While homeowners insurance covers a variety of perils and protects your home and personal possessions, it does come with a number of exclusions and coverage gaps that can result in you having to cover the cost of certain damage out of pocket. Let’s have a quick look at what your homeowners policy does and doesn’t […]
The insurance news for 2024 is certainly not great. Experts expect that extreme weather and increasing costs will push up insurance costs and make insurance companies more selective when deciding where they will write policies. Recently, credit rating agency AM Best downgraded the entire home insurance industry from stable to negative. According to Richard Attanasio, […]
If you are purchasing a home, your lender will require that you carry homeowners insurance to protect their investment in your home. Homeowners coverage will help cover the cost of repairing or replacing your home if it is damaged or destroyed by a covered peril. Covered perils can include items such as a hurricane or […]
Despite the fact that the Florida legislation finally passed a couple of bills to deal with the ever-increasing cost of homeowners insurance, it seems unlikely that premiums will start to fall anytime soon according to a report put out by Karen Clark & Company (KCC), a risk modelling firm. The recent report, titled “Managing Expectations: […]
Hardwood floors can be expensive to repair or replace if they are damaged and a question that many homeowners have is whether or not hardwood floors are covered by their homeowners insurance. The good news is that in most cases, your damage will be covered as long as it is caused by a covered peril. […]
Many homeowners have been notified lately that their homeowners insurance premium is going to be headed up. According to the Insurance Information Institute, higher insurance costs can be blamed on a variety of factors which include more expensive building materials, supply chain issues as well as continuing labor shortages. Factors that increase home insurance costs […]
Nationwide insurance company recently informed the North Carolina Department of Insurance (NCDOI) that it will not be renewing homeowner policies for 10,525 homeowners in North Carolina. Over 1,000 of those non-renewals are in the Dare County, NC. The NCDOI claims that more the half of the non-renewals are based on the “hurricane hazard assessment tool,” […]
Recently, JD Power released a study that highlights how insurers have been leaving several states. The report looks at the potential opportunity for insurance companies that stay in these states as well as how the decision to leave certain states will impact customer perceptions of their company. Across the nation, both homeowners and renters are […]
Soon, hundreds of thousands of Citizens Property Insurance Company policyholders will be getting a letter in their mailbox asking them to move their policy to a private insurance company and away from Citizens, the state-backed insurer of last resort. Citizens Property is using the letters as part of its “Depopulation” effort that was approved by […]
Florida’s property insurance disaster may be taking baby steps in the right direction as five new insurers step into the Florida market, taking over hundreds of thousands from Citizens Property, Florida’s insurer of last resort. This could lead to more insurance options for residents of the Sunshine State soon. The five companies in the mix […]