Recently, the Federal Emergency Management Agency (FEMA) incorporated climate risk into the cost of flood insurance for the first time in their history which will dramatically increase the price of insurance for some homebuyers. Most currently policyholders will see their rates go up by at least 18 percent per year. The new risk assessment plan […]
A recent report by ATTOM, curator of the nation’s premier property database found that median-priced single-family homes are now less affordable when compared to historical averages in 75 percent of counties across the nation. This figure is up from the 56 percent jump that ATTOM reported in the third quarter of 2020. This is the […]
According to a recent survey commissioned by Policygenius, consumers are not yet ready for their insurance claims to be reviewed exclusively by an artificial intelligence (AI) system. In fact, only 17 percent said they would be comfortable letting an AI system review their claim data and a whopping 60% of consumers said they would rather […]
Electric vehicles (EV) are gaining traction in the U.S. According to industry data, there will be almost 100 EVs in production by the end of 2024. The ability to refuel an electric vehicle at home is one of the major benefits of an EV, according to a recent J.D. Power study, the majority of EV […]
According to a recent report by Matic a leading insurtech platform, increasing homeowner insurance premium impact homeowners who have a FICO score below 580 disproportionally. In addition, senior homeowners are more likely to be overpaying for coverage. Matic, which launched in 2017 has been collecting and analyzing data as they have been selling home, auto […]
If you are starting a renovation or in the middle of a home improvement project you have probably been shocked by construction costs. Lumber, iron, steel as well as labor costs have been rising over the last year, pushing up the cost of home repairs as well as renovations. According to Verisk’s (ISO) most recent […]
A recent ValuePenguin survey found that homeowners living in hurricane prone areas are less prepared for the hurricane season then they claim. A whopping 84 percent of survey respondents claimed that they were prepared for the season, but 34 percent admitted that they haven’t even started getting supplies or prepping for the season at all. […]
Recently, a federal judge blocked the state of Florida from enforcing a portion of their new property insurance law that was supposed to prohibit roofing contractors from advertising to potential customers. Chief U.S. District Judge Mark Walker put a preliminary injunction in place after a request from Brandon-based Gale Force Roofing & Restoration LLC. They […]
This year President Biden is working to make flood insurance more affordable for low-income Americans. The recently released budget outlines a new program that would make $358 million available to support the effort next year. This money would be used to make flood insurance affordable for low-income families all over America. The program would help […]
While mortgage rates in the U.S. have been under 3 percent for a few months, there is a good chance they will be headed up later in the year. As unemployment rates have dropped and more Americans are being vaccinated the economy is expected to recover, which will likely lead to higher mortgage rates. If […]