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☆ The home insurance market is crumbling. These owners are paying the price
▼ + stars: | 2024-03-29 | by ( Nathaniel Meyersohn | Anna Bahney | ) edition.cnn.com time to read: +9 min

Courtesy Victoria ZangaraIn the past, acquiring or keeping homeowners’ insurance didn’t present much of a problem. There was roughly a 10% to 12% increase in homeowners’ insurance costs last year in the United States, said Mark Friedlander, spokesperson for the Insurance Information Institute, a nonprofit industry association. Jim Watson/AFP/Getty ImagesHomeowners who have a mortgage are not able to go without homeowners insurance as their mortgage servicer will require an escrow account for insurance. Some 6 million homeowners chose to forgo homeowners insurance, according to a report from the Consumer Federation of America. They have lived in their home for 19 years and had a policy with Foremost Insurance, paying about $1,910 a year.

Persons: Alfredo Herrera, Herrera, Zangara, “, ”, ” Herrera, policyholders, Mark Friedlander, Neil Fernandes, Fernandes, David Swanson, Matthew Carletti, Jim Watson, Diana Troxell, Diana Wright Troxell, Bruce, ” CNN’s Ella Nilsen Organizations: New, New York CNN, Louisiana Citizens, ”, National Oceanic, Atmospheric Administration, Louisiana State University, Insurance Information Institute, Farmers Insurance, Farmers, AAA, CNN, Firefighters, Reuters, State, Citizens Property Insurance, JMP Securities, Getty, Homeowners, Consumer Federation of America, CFA, Social Security, Foremost Insurance, California FAIR, FAIR Locations: New York, New Orleans, City, Louisiana, New Orleans , Louisiana, America, United States, Santa Clarita , California, California, Florida, Sycamore, Whittier , California, AFP, Cottonwood , California, ‘

☆ Florida condo owners are stuck in a 'train wreck' as prices drop and mounting insurance rates scare away buyers
▼ + stars: | 2024-03-10 | by ( Dan Latu | ) www.businessinsider.com time to read: +5 min

Read previewThe Florida condo market is caught in a storm. By contrast, median condo prices nationally rose 8% over the same period, to around $340,000. A deepening insurance crisis for Florida homeownersThe rising cost of insurance has been a long-simmering problem in Florida. Recently, he walked away from buying a $300,000 condo in North Palm Beach that would have come with a $4,500 annual insurance bill. On his own single-family home in Palm Beach Gardens, Forina added, his annual insurance premium, which was $2,600 in 2017, jumped to $8,200 in 2024.

Persons: —, It's, Joe Humphfner, rusk, Florida homeownership, Holly Meyer Lucas, Meyer Lucas, Anthony Forina, Forina, Humphfner Organizations: Service, Business, Sunshine State, Farmers Insurance, Bankers Insurance, Homeowners, Wall Street Journal, Condo, Humphfner Locations: Florida, Jupiter, West Palm, Jacksonville, Miami, Coral, Florida's, South Florida, North Palm, Palm Beach

☆ Storms in California hit homeowners already facing an insurance crisis
▼ + stars: | 2024-02-06 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —The storms pummeling California this week hit a part of the US already being battered by a home insurance crisis. With insurers strained by climate change and inflation, many are demanding higher premiums, making it much harder to find affordable (or any) home and fire insurance. But it is not just California; homeowners in other areas prone to weather events like Florida, Louisiana, and Texas are also facing challenges. Meanwhile, in hurricane-battered Florida, Farmers Insurance deemed it too risky to continue insuring homes and pulled out of that market entirely. “This isn’t just climate change, it is climate-change-plus,” Bach said.

Persons: ”, Amy Bach, United, Michael Monaghan, Sellers, you’ve, Jennifer Branchini, Bach, Hurricane Andrew, ” Bach, mitigations Organizations: DC CNN, Allstate, Farmers Insurance, Coldwell, California Association of Realtors, National Oceanic, Atmospheric Administration, Hurricane, FAIR, California Department of Insurance Locations: Washington, California, Florida , Louisiana, Texas, San Francisco, California’s, Golden State, Florida, Vermont, Colorado, Pleasanton, United, “ Florida, Louisiana

☆ Wyndham Clark shoots course record 60 as he takes the lead at Pebble Beach Pro-Am
▼ + stars: | 2024-02-04 | by ( George Ramsay | ) edition.cnn.com time to read: +2 min

CNN —American golfer Wyndham Clark shot a course-record 60 as he moved into the lead at the Pebble Beach Pro-Am after three rounds. Clark’s historic round at the famous links course in California included two eagles and nine birdies, giving him a one-shot lead ahead of Sweden’s Ludvig Åberg. It would have been the 13th sub-60 round in the history of the PGA Tour. “Then obviously making all of those putts out of the ordinary was also pretty awesome.”Clark shot the lowest round of his career at Pebble Beach. Åberg dropped off the top of the leaderboard but is only one shot behind Clark going into the final day after a third-round 67.

Persons: Wyndham Clark, Sweden’s Ludvig Åberg, putts, ” Clark, Tracy Wilcox, Clark, Tom Kite, David Duval, Patrick Cantlay, Matthias Schwab, Hurly Long, “, Åberg, France’s Matthieu Pavon, USA’s Mark Hubbard, Belgium’s Thomas Detry Organizations: CNN, PGA, PGA Tour, week’s Farmers Insurance Locations: California, Pebble Beach

☆ Matthieu Pavon: His mother buried a coin by a tree at Augusta as a good luck charm for her son. This is what happened next
▼ + stars: | 2024-02-02 | by ( Jack Bantock | ) edition.cnn.com time to read: +6 min

CNN —Since the early 2000s, a coin has lay buried next to a tree at Augusta National Golf Club, nestled there as a good luck charm by the mother of a promising young French golfer. Not since Arnaud Massy became the first non-Briton to win the Open Championship in 1907 has a Frenchman lifted silverware at a recognized Tour event. The world’s 890th ranked amateur when he turned professional in 2013, Pavon spent two years on the Alps Tour before graduating to the Challenge Tour, finally securing his card on the DP World Tour (European Tour) in 2017. “I don’t come from a normal background because I wasn’t a great player once,” Pavon told CNN Sport’s Don Riddell. Augusta National and Spyglass Hill – host of this week’s Pebble Beach Pro-Am – were once courses Pavon could only navigate in the video game world of Tiger Woods PGA Tour 06.

Persons: Matthieu Pavon, Pavon, Arnaud Massy, Frenchman, Denmark’s Nicolai Hojgaard, ” Pavon, CNN Sport’s Don Riddell, “, Gregory Bull, Michel, Beatrice, Naomi Baker, Justin Thomas, Rickie Fowler, “ Spyglass, you’re, You’re, you’ve, Céline Boutier, Massy, Catherine Lacoste, Patricia Meunier, Lebouc, Boutier, Lewis Joly, ” Organizations: CNN, Augusta National Golf, Farmers Insurance, Spanish, PGA, Harvard University, France’s Ligue, Getty, Pavon’s PGA, Players, . Augusta National, Tiger, Céline, Evian Championship, Chevron, Evian, Ryder, Europe Locations: Augusta, French, Toulouse, California, Europe, America, Pavon, France’s, Bordeaux, Rome, Bethpage , New York

SAN DIEGO (AP) — Matthieu Pavon made an 8-foot putt for a dramatic birdie on No. 18 at Torrey Pines South for a one-shot victory in the Farmers Insurance Open on Saturday that made him the first Frenchman to win on the PGA Tour. It is amazing,” the 31-year-old PGA Tour rookie said moments after the victory. Pavon, who was born in Toulouse, was playing in just his 11th PGA Tour event. Pavon pulled into a tie for the lead with Jaeger with a birdie on the par-5 ninth.

Persons: — Matthieu Pavon, Frenchman, Pavon, Nicolai Hojgaard, Stephan Jaeger, Nate Lashley, “, Jaeger Organizations: DIEGO, Torrey Pines, Farmers Insurance, PGA Tour, European, Pavon Locations: Pavon, Toulouse

He said his strong finish Thursday doesn't give him much momentum because the final two rounds are on the South Course. Aaron Rei (70), Emiliano Grillo (69) and Joseph Bramlett (66) were all at 8 under after playing the South Course. First-round leader Kevin Yu fell off the pace after a 74 on the South Course. 6 Patrick Cantlay also had a rough day on the South Course with a 73. 7 in the world, shot a 70 on the North Course and was at 4 under.

Persons: — Stephan Jaeger, Nicolai Hojgaard, Jaeger, ”, “, it’s, ” Hojgaard, Thomas Detry, Matthieu Pavon of, Pavon, Detry, I’ve, Tony Finau, Michael Kim, Aaron Rei, Emiliano Grillo, Joseph Bramlett, Xander Schauffele, Kevin Yu, Patrick Cantlay, Max Homa, Hideki Matsuyama Organizations: DIEGO, Farmers Insurance, Torrey Pines, Torrey, NFL Locations: Germany, Denmark, Belgium, Matthieu Pavon of France, Torrey Pines, Dubai

Alabama sophomore Nick Dunlap is turning pro after becoming the first amateur in 33 years to win on the PGA Tour. I’m accepting my PGA Tour membership.”The 20-year-old will make his professional debut at the AT&T Pebble Beach Pro-Am on Feb. 1. With family, Alabama golf coach Jay Seawell and teammates looking on, Dunlap wiped away tears while thanking those close to him. Thanks to his victory, Dunlap has a PGA Tour card through 2026. Dunlap is the first person to win both the U.S. junior amateur and amateur titles since Tiger Woods.

Persons: Nick Dunlap, Dunlap, I’m, ” Dunlap, Jay Seawell, Christiaan Bezuidenhout, “, ”, ” Seawell, “ I've, Phil Mickelson, Scott Verplank, Tiger, Mickelson, Woods, Phil Organizations: PGA, U.S, Amateur, American Express, PGA Tour, Farmers Insurance, Torrey Pines, American, Masters, British, USGA, Sunday, Alabama Locations: Alabama, British, Tuscaloosa , Alabama, Tucson

☆ Nick Dunlap turns professional, four days after missing out on $1.5 million payday due to amateur status
▼ + stars: | 2024-01-25 | by ( Jack Bantock | ) edition.cnn.com time to read: +2 min

CNN —America’s newest golf sensation Nick Dunlap announced he is turning professional Thursday, just four days after missing out on a $1.5 million payday due to his amateur status. The University of Alabama sophomore announced his intention to accept PGA Tour membership at a press conference staged on campus, having become the first amateur to win on the tour in over three decades with triumph at The American Express on Sunday. “It was the easiest, hardest decision that I’ve ever had to make,” Dunlap said Thursday. “I was very fortunate that everyone had the same opinion about it, and my teammates were awesome and very supportive. Yet his shock victory secured him none of the $8.4 million prize purse due to his amateur status, with the $1.512 million winner’s cut instead going to South African runner-up Christiaan Bezuidenhout, who finished a stroke behind.

Persons: Nick Dunlap, I’ve, ” Dunlap, “, Charlene, Jim, Isabella Ellis, Jay Seawell, Orlando Ramirez, Dunlap, Christiaan Bezuidenhout Organizations: CNN, University of Alabama, PGA, American Express, US Amateur, Getty, week’s Farmers Insurance, PGA Championship, Tour Locations: La Quinta , California, Alabama

The eight lowest scores came on the North Course, which generally plays a few strokes easier than the South Course on the municipal layouts on a bluff high above the Pacific Ocean. The final two rounds will be played on the South Course. 5 Xander Schauffele and defending champion and seventh-ranked Max Homa, both of whom played the South Course. Yu, a 25-year-old who played at Arizona State, is seeking his first PGA Tour win. You can’t complain when you shoot a 67 on the South Course.”

Persons: Kevin Yu, Patrick Cantlay, Ryo Hisatsune, Xander Schauffele, Max Homa, Homa, Nicolai Hojgaard, Yu, Kevin Dunlap, I’ve, ” Yu, ” Cantlay, Cantlay, hasn’t, ”, “, “ There’s, Japan who's, Hideki Matsuyama, Shane Lowry, Thomas Detry, Aaron Rai, Alejandro Tosti, Hojgaard Organizations: DIEGO, Farmers Insurance, San Diego State, Farmers, NFL, Arizona State, PGA, American Express, UCLA, U.S, Torrey Pines Locations: Taiwan, Torrey Pines, Denmark, Dubai, Orange County, Japan

☆ Nick Dunlap: Amateur golfer withdraws from upcoming tournament after ‘life changing’ PGA Tour win
▼ + stars: | 2024-01-23 | by ( Ben Church | ) edition.cnn.com time to read: +2 min

CNN —After stunning the world of golf by becoming the first amateur to win a PGA Tour event since 1991, 20-year-old Nick Dunlap has decided to take some well-deserved rest. Amid all the excitement and extra attention, Dunlap has decided to pull out from this week’s Farmers Insurance Open in order to return home. “After a life changing last 24 hours, I’ve decided to withdraw from the Farmers Insurance Open,” he said in a statement, sent via the PGA Tour, on Monday. Sunday’s win now qualifies Dunlap to turn professional at any point and join the 2024 PGA Tour with automatic membership through the 2026 season, according to PGATour.com. “I don’t know,” Dunlap told PGA Tour Radio when asked whether the win would accelerate his journey to becoming professional.

Persons: Nick Dunlap, Dunlap, I’ve, ”, “, Tiger Woods, Sunday’s, ” Dunlap, “ I’ve, I’m, Christiaan Bezuidenhout Organizations: CNN, American Express, week’s Farmers Insurance, Farmers Insurance, PGA, US Amateur, Tiger, US Junior Amateur, Tour Locations: American, Alabama

SAN FRANCISCO (AP) — Heidi Lange was among the first to rebuild after the deadliest wildfire in California history destroyed her home in 2018 along with much of the town of Paradise. Residents have received annual premiums that near or exceed $10,000 — leaving many to wonder how they're supposed to rebuild their hard-hit community when insurance is so shockingly high for houses in an area that is supposed to be among the most affordable in California. Seven of the 12 top home-insurers in California — including Farmers Insurance, State Farm, Allstate — have paused or restricted new business in California, saying they can’t afford to take on new clients. Carl Johnsen, a retired drywall contractor, has lived in the same house since 1979, when he moved to Paradise. The Robinsons are paying $4,500 through the California Fair Access to Insurance Requirements Plan, and $750 with another insurer for supplemental liability coverage.

Persons: — Heidi Lange, “, ”, Ricardo Lara, Michael Soller, Rex Frazier, Carl Johnsen, Johnsen doesn’t, Gene Robinson, Robinson, Lara, Soller, Kathy Ehrhart, ” Lange Organizations: FRANCISCO, Fire, Farmers Insurance, State Farm, Allstate, California’s, Insurance Department, Paradise . Farmers Insurance, Farmers, “, Personal Insurance Federation of, Robinsons, FAIR Locations: California, Paradise, Personal Insurance Federation of California, Louisiana , Texas, Florida, Chicago

☆ Homeowner insurance and climate have become major factors in real estate
▼ + stars: | 2023-11-07 | by ( Anna Bahney | ) edition.cnn.com time to read: +8 min

Farmers Insurance deemed it too risky to continue insuring homes in Florida and pulled out of the market there entirely. The average cost for homeowners’ insurance in the United States is about $1,820, according to an analysis by NerdWallet, but there are many variables. As climate risks continue, a standoff has developed over who should pay the cost of insuring homes against ever-growing risks. And for many of the properties that are on the market you can’t obtain insurance? “We’ll have to see some creative solutions in the near term to create that competitive marketplace for insurance,” she said.

Persons: Michael Monaghan, Sellers, “, ’ ” Monaghan, ”, Monaghan, Will, Amy Bach, United, Hurricane Andrew, ” Bach, mitigations, Bach, Jennifer Branchini, Branchini Organizations: DC CNN, Coldwell, Allstate, . Farmers Insurance, National Oceanic, Atmospheric Administration, NOAA, Hurricane, FAIR, California Department of Insurance, California Association of Realtors, State Farm, Farm, “ Locations: Washington, California, Bayside, ”, Florida, Monaghan, United States, “, San Francisco, “ Florida, Louisiana, WUI, Pleasanton

☆ Climate Risk Is Becoming Uninsurable. Better Forecasting Can Help.
▼ + stars: | 2023-10-30 | by ( Jon Sindreu | ) www.wsj.com time to read: 1 min

A new generation of mathematical modelers might be able to help defuse a looming insurance crisis. Floods, electrical storms and wildfires, together with raw-material inflation, are pushing up premiums for so-called catastrophe insurance. Some Americans are moving away from riskier places such as Florida, while others are foregoing cover. Insurers such as Allstate , State Farm and Farmers Insurance, owned by Zurich Insurance Group , are withdrawing from disaster-prone areas.

Organizations: Allstate, State Farm, Farmers Insurance, Zurich Insurance Group Locations: Florida

☆ Between a Rock and a ‘Hard’ Insurance Market
▼ + stars: | 2023-10-06 | by ( Lydia Depillis | ) www.nytimes.com time to read: 1 min

The hardening is evident to anyone who has shopped for personal vehicle insurance, which rose 17 percent in the first six months of this year, according to Insurify.com. Even more problematic is when coverage thins out, as it has in areas hit hard by climate change. Farmers Insurance stopped renewing almost a third of its policies in hurricane-weary Florida this summer and State Farm and Allstate largely pulled out of wildfire-ravaged California.

Organizations: Farmers Insurance, Farm, Allstate Locations: Florida, California

☆ The vicious cycle of homeowners insurance: It's increasingly expensive to protect homes in the disaster-prone areas that need it most
▼ + stars: | 2023-09-20 | by ( Dan Latu | ) www.businessinsider.com time to read: +6 min

Earlier this year, Allstate joined State Farm in no longer offering new home insurance in California over climate risk. Across the country, 83% of prospective homebuyers said climate risk factored into where they are shopping for homes, according to a recent Zillow study. Danny Collins of Hobe Sound, Florida, told Insider in July how the bank holding his mortgage raised his monthly rate by $1,000, citing increased flood insurance. Matheus told Insider. Have you moved or are you considering a move because of climate risk and extreme weather events?

Persons: Carolyn Kousky, Berkshire Hathaway, Vox, Dave Jones, they'll, Danny Collins, Collins, Bob Stephens, Stephens, Martha Flanagan, Jason Beury, Charles Matheus, Kelly Roberge, Matheus, Dan Latu Organizations: Service, The Washington Post, Environmental Defense Fund, Allstate, Berkshire, Nationwide, National Association of Insurance, . Erie Insurance Group, Washington Post, State Farm, Farmers Insurance, Insurance, Wall Street, Journal, Hobe, Marathon Locations: Florida, Kansas, New York, California, Louisiana, United States, Coral, Florida's, Hobe Sound, Arizona, Brooklyn , New York, Kansas City , Kansas, Utica , New York, dlatu@insider.com

☆ Florida's mega-rich could pay $600K for annual home insurance in elite enclaves as the state is slammed with increasingly severe hurricanes
▼ + stars: | 2023-09-09 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Insurance rates in Florida have tripled in recent years, according to Bloomberg. For the ultra-rich, insurance companies could sell five- to six- figure policies. Homeowners across Florida have seen rates increase threefold in the past few years, the report found. Weather risks, along with a combination of other factors, have caused insurance companies to pivot and stop issuing new policies in Florida. California, a state that is prone to wildfires and extreme weather, has also experienced an exodus of insurance companies.

Persons: Diddy, Jennifer Lopez, Ken Griffin, Idalia, Mark Friedlander, Oscar Seikaly Organizations: Bloomberg, Service, Homeowners, Citadel, Sunshine State, National Weather Service, Insurance Information Institute, Farmers Insurance, AAA, Farm, Allstate, NSI Insurance Locations: Florida, Wall, Silicon, Florida's, Star, Texas, . California, Napa Valley

CEDAR KEY, Fla. — As cleanup begins in the aftermath of Hurricane Idalia, the storm has served as a stark reminder that Florida's insurance industry remains in flux. But many of those homeowners face uncertainty amid the upheaval that has emerged in Florida's insurance industry in recent years. A thinning insurance market that is beset by more regular hurricanes has caused insurance policy costs to skyrocket. The state's insurance industry is preparing to lose four insurers since last year — Farmers Insurance, Bankers Insurance, Centauri Insurance and Lexington Insurance. Aggravating the problem, 82% of Floridians do not have flood insurance, which is typically operated by the National Flood Insurance Program, a federal program run by the Federal Emergency Management Agency.

Persons: Idalia, Chris Draghi, That's, Gregory Buck, Buck, Aimee Firestine, Firestine, Amy Bach, United, Bach, Mark Friedlander, Friedlander, Gabe Gutierrez, Phil McCausland, Melissa Chan Organizations: Insurance Information Institute, U.S, — Farmers Insurance, Bankers Insurance, Centauri Insurance, Lexington Insurance . Farmers Insurance, National, Experts Insurance, Homeowners, Insurance, Property Insurance Corp, National Flood Insurance, Federal Emergency Management Agency, Congress, First Street Foundation, FEMA, Cedar Key Locations: Fla, Florida's Big Bend, Florida, Georgia, Florida , Georgia, South Carolina, Cedar, America, Taylor County, Bend, New York City

A view of a damaged house after the arrival of Hurricane Idalia, in Cedar Key, Florida, U.S., August 31, 2023. REUTERS/Marco Bello Acquire Licensing RightsAug 31 (Reuters) - Florida-only insurers such as Citizens Property Insurance anticipate fewer losses from Hurricane Idalia than from previous storms in the state, even as industry experts expect further insurer pullback from the market. "This certainly will not help with ongoing challenges to Florida's insurance market, but it could have been a lot worse," said Steve Bowen, chief science officer at reinsurer broker Gallagher Re. The top 10 U.S. homeowners insurers such as State Farm and Allstate Corp (ALL.N) average only about 4.1% of their premiums in Florida, Moody's said. Reuters GraphicsThe exit of insurers from Florida comes amid a broader pullback from the market, including from reinsurers, according to an Aug. 24 Fitch report.

Persons: Hurricane Idalia, Marco Bello, Ian, Idalia, Moody's, Steve Bowen, Gallagher, Fitch, Noor Zainab Hussain, Manya, Matt Tracy, Shinjini Ganguli, Megan Davies, Matthew Lewis Organizations: REUTERS, Property Insurance, Hurricane, Reuters, Citizens, UBS, Insurance Information Institute, Gallagher Re, Farmers Insurance, Bankers Insurance, Lexington Insurance, AIG, Farmers, Bankers, Farm, Allstate Corp, Insurance, Institute, Manya Saini, Thomson Locations: Cedar Key , Florida, U.S, Florida, Florida's, Coast, Tampa Bay, Jacksonville, Idalia, USA, Lexington, reinsurers, South Carolina, Bengaluru, Washington

A vehicle drives on a flooded road after the arrival of Hurricane Idalia, in Cedar Key, Florida, U.S., August 30, 2023. Hurricane Idalia plowed into Florida's Gulf Coast with fierce winds, torrential rains and pounding surf before weakening but turning its fury on southeastern Georgia, where floodwaters trapped some residents in their homes. At about $10 billion, Idalia would cost insurers less than 10 of the costliest hurricanes to hit the United States. Higher reinsurance rates can affect the premiums that insurers charge their customers. FLORIDA PAINFlorida has a large number of very small, thinly capitalized insurers, insurance experts have said.

Persons: Hurricane Idalia, Julio Cesar Chavez, Thomas Hayes, Gallagher Re, Michael Peltier, Berkshire Hathaway, Ajit Jain, Noor Zainab Hussain, Manya, Chibuike Oguh, Jon Stempel, Devika Syamnath, Megan Davies, Cynthia Osterman Organizations: REUTERS, Hurricane, UBS, Global, Great, Great Hill Capital, Farmers Insurance, Bankers Insurance, Lexington Insurance, AIG, Farmers, Florida Office, Insurance, Bankers, Property Insurance Corp, Property Insurance, Berkshire, Manya Saini, Thomson Locations: Cedar Key , Florida, U.S, Florida, Coast, Georgia, United States, Ukraine, California, Great Hill, New York, FLORIDA, USA, Lexington, Berkshire, Bengaluru, Chibuike

☆ How to buy a home insurance policy in era of climate risk and more frequent disasters
▼ + stars: | 2023-08-30 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +4 min

Frequent weather catastrophes, induced in part by climate change, are bearing down on homeowners and would-be buyers. Here's how consumers can navigate the home insurance market amid increasing climate-driven weather risks:The home insurance market disruption is going to get worseThings are likely to get worse for homeowners and would-be buyers. Also in June, Farmers Insurance became the latest insurer to pull out of Florida, a market that's been roiled with turmoil for many years. Policyholders should expect to pay moreThe average cost of homeowners insurance nationwide is $2,777 a year, with rates varying by state, according to Insurance.com, a consumer comparison service. Already, some homeowners are choosing to roll the dice on ownership without insurance rather than pay increasing premiums.

Persons: Hurricane Ian, Idalia, Ian —, John Dickson, David A, Sampson, —, George Hosfield, Rich Sorkin, Stephen Bennett Organizations: Global, Aon, American, Casualty Insurance Association . Insurance, LexisNexis, Allstate, Farmers Insurance, Jupiter Intelligence Locations: Pine, Hurricane, Matlacha , Florida, Florida, California, Cuba, Oklahoma, Hawaii, Arkansas, Louisiana , Nebraska , Iowa , Kansas , Oklahoma , Illinois, Kentucky, Tennessee

☆ Florida’s already-volatile insurance industry is bracing for Hurricane Idalia
▼ + stars: | 2023-08-29 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +5 min

New York CNN —As it churns toward the disaster-prone Sunshine State, Hurricane Idalia could be a litmus test for Florida’s increasingly volatile and expensive insurance landscape. Despite several insurance companies exiting Florida, experts say the state’s residents are still mostly covered this hurricane season. “Florida’s property insurance market remains very volatile, but the insurance industry is well-capitalized to pay Idalia claims,” he added. Enrollment in flood insurance has seen a steady uptick every month since October 2022, according to the latest FEMA data. While Florida has the highest flood insurance enrollment rate of any state, Friedlander said only 18% have flood insurance through either federal or private insurers.

Persons: ”, Matthew Carletti, It’s, Hurricane Ian, Ian, Mark Friedlander, Friedlander Organizations: New, New York CNN, JMP Securities, Jacksonville —, CNN, Hurricane, Swiss, Insurance, Institute, Insurance Information Institute, Farmers Insurance, Farmers, Federal Emergency Management Agency, FEMA Locations: New York, Sunshine State, Hurricane, Florida, Tampa, Gulf Coast, Gainesville, Jacksonville, “

☆ Farmers Insurance to lay off 2,400 workers across its entire business
▼ + stars: | 2023-08-29 | by ( Michael Nam | ) edition.cnn.com time to read: +1 min

New York CNN —California-based Farmers Insurance said Monday it is laying off 11% of its workforce — or 2,400 employees — in a bid to restructure itself for long-term growth. The jobs being cut are from across all areas of the company, according to a statement on its website. Last month, Farmers announced it would stop offering its policies in Florida, saying in a statement that the decision was necessary to manage its risk exposure in the hurricane-prone state. Farmers has also limited new homeowners insurance policies in California because of high costs and wildfire risks. The layoffs come after T-Mobile and CVS also announced thousands of job cuts this month, though the US labor market remains strong overall.

Persons: “, ”, Raul Vargas, — CNN’s Jordan Valinsky Organizations: New, New York CNN —, Farmers Insurance, Farmers, Farmers Group, Inc, Farm, Allstate, Mobile, CVS Locations: New York, New York CNN — California, Florida, California

☆ The looming crisis that's going to crush homeowners from coast to coast
▼ + stars: | 2023-08-23 | by ( Taylor Dorrell | ) www.businessinsider.com time to read: +16 min

To maintain profitability, insurance companies have to take in more in monthly premium payments from customers than they pay out in damage claims. This has prompted insurance companies to back out of certain markets or pressure states to raise caps on premiums. Without robust rate caps such as those in California, insurance costs have risen by over 200% while DeSantis has been in office. He also signed legislation in December that protects insurance companies from liability claims and disincentivizes homeowners from filing claims to begin with. Despite these policies, insurance prices have continued to go up and insurers have continued to flee the market.

Persons: Cinda Larimer, Larimer's, Larimer, Anthony Roach, Larimer's who's, I've, Roach, Chubb, Justin Sullivan, Benjamin Keys, Anita Waters, Waters, Ron DeSantis, DeSantis, Desantis, Hurricane Ian, Dale, Deb Weideling, they've, Keys, Philip Mulder, Jeffrey Greenberg, Jeff Goodell, Xavier Cortada, I'm, Cortada, we're, Betsy, Cinda Larimer wasn't, , haven't, Taylor Dorrell Organizations: Navy, Insurance, Rush, Allstate, American International Group, University of Pennsylvania's Wharton School, US Army Corps of Engineers, . Farmers Insurance, AAA, Washington Post, National Bureau of Economic Research, US Treasury, Universal, Getty, Miami, Dakotas, Nationwide, Penn, National Flood Insurance, FAIR, Bay Area Locations: Paradise , California, Paradise, Sacramento, California, , California, . State, Florida, South Carolina, South Florida, Fort Myers Beach, Hurricane, In Miami, States, Louisiana , Oregon, Colorado, Hawaii, Coast, Minnesota, Midwest, Bay, Columbus , Ohio

☆ These are the states in America that are the least prepared for extreme weather
▼ + stars: | 2023-07-28 | by ( Scott Cohn | ) www.cnbc.com time to read: +11 min

Some states are in good shape to handle whatever the climate throws at them, but these are the states most at risk. 2023 Infrastructure score: 228 out of 390 points (Top States grade: B) Climate Extremes Index: 21.16% Properties at risk: 45.2% Renewable energy: 10.6%9. 2023 Infrastructure score: 165 out of 390 points (Top States grade: D) Climate Extremes Index: 8.7% Properties at risk: 2.8% Renewable energy: 12%8. Connecticut is home to the nation's first "green bank," which uses public dollars to leverage private investment in renewable energy. 2023 Infrastructure score: 227 out of 390 points (Top States grade: B) Climate Extremes Index: 21.16% Properties at risk: 61% Renewable energy: 12.5%1.

Persons: Jeremy Porter, York Snow, Joed Viera, Kelly Giddens, Daniel Hinton, Jessica Mcgowan, wades, Tim Boyle, Tony Evers, Scott Olson, Josh Edelson, Gavin Newsom, —, Marcellus, Tom Wolf, Josh Shapiro, Ida, Brendan McDermid, Hurricane Ida, Richard Bunting, Alex Hamilton, Hurricane Irene, Mark Wilson, Joe Biden's, Ted Shaffrey, Hurricane Nicole, Paul Hennessy, Marco Bello Organizations: Street Foundation, CNBC, Business, First, Oceanic, Atmospheric Administration, NOAA, U.S, Department of Energy, Afp, Getty, National Weather Service, Micron Technology, Alabama, University of Alabama, Illinois —, Badger State, Gov, Carolina, Carolinas, AFP, EQT Corp, Bloomberg, Reuters, Garden, State, Anadolu Agency, Sunshine State, Farmers Insurance, AAA Locations: States, York, Buffalo , New York, Empire, New York, Syracuse, Alabama TUSCALOOSA, AL, Cedar, Tuscaloosa , Alabama, Texas, Oklahoma, Alabama, Gulf, Wisconsin, Prairie du Chien , WI, Hurricane, Charleston , South Carolina, Florida, Georgetown , South Carolina, South Carolina, California, Oroville, Oroville , California, , California, Pennsylvania, Washington Township , Pennsylvania, U.S, Jersey, Oakwood, Elizabeth , New Jersey, Garden State , New Jersey, New Jersey, Delaware, Lewes , Delaware, Rhode, Connecticut, New Haven , Connecticut, Wilbur, , Florida, Louisiana, Kenner , Louisiana

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