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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 and California homeowners have been dealing with high property insurance premiums due to severe weather. Louisiana is now the third-most expensive state for insurance according to Insurify , an insurance comparison website. The average annual premium for Louisiana is $5,353, which is three times the national average homeowners insurance cost. Car insurance and flood insurance premiums are also rising within the state. Louisiana has the least affordable car insurance rates in the nation, according to the Insurance Research Council .

Persons: Mark Friedlander Organizations: Farm, Allstate, Service, Privacy, Insurance, Institute ., Insurance Research Locations: Florida, California, Louisiana, Wall, Silicon, Institute . Florida, Louisiana Louisiana, . Louisiana, Hawaii —

☆ 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

☆ Is Travel Insurance Worth It?
▼ + stars: | 2023-09-05 | by ( Kat Tretina | ) www.wsj.com time to read: +12 min

Trip cancellation and interruption coverage is the most common form of travel insurance, making up nearly 90% of travel protection plans sold. Travel medical: When you travel to another country, typical health insurance plans — including Medicare — don’t cover you. Like all forms of insurance, travel insurance policies don’t cover every event that can impact your vacation. “When you travel using airline miles and hotel points, most credit card travel insurance policies won’t cover the trips,” says Huffman. “If you do not get travel insurance, you are rolling the dice,” says Hines, who adds she always recommends travel insurance to her clients.

Persons: Kat, we’ve, it’s, ”, Tiffany Hines, Mark Friedlander, ” What’s, Friedlander, Lee Huffman, Huffman, Kevin Payne, Payne, Hines, “ We’ve, won’t Organizations: Global, Travel, Insurance Information Institute, Disease Control, Prevention, World Health Organization, Spirit Airlines, Delta, Allianz Travel Locations: Athens , Georgia, Europe, U.S

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

☆ 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, “

☆ Americans flocked to Florida for low taxes and sunshine, but an under-the-radar cost of homeownership keeps rising: insurance
▼ + stars: | 2023-07-29 | by ( Jennifer Streaks | Senior Personal Finance Reporter | Read More | ) www.businessinsider.com time to read: +7 min

Florida homeowners are dealing with rapidly increasing homeowners insurance rates. Due to inflation and severe weather, Florida insurance rates are expected to increase by 40% in 2023. The Insurance Information Institute projects that property insurance rates in Florida will increase by at least 40% in 2023. Increase your insurance deductibleIncreasing your homeowners insurance deductible generally will lower your insurance premiums. Were you in the military, or a member of an alumni association or employment association that offers insurance discounts?

Persons: Mark Friedlander, Friedlander, it's, Rick Sinkfield, Sinkfield, Ian, Freidlander, Floridians Organizations: Service, Insurance Information Institute, Communications, Insurance, United Property, UPC, Hurricane Ian, Florida Legislature Locations: Florida, Wall, Silicon, New York, New Jersey

☆ Farmers Insurance pulls out of Florida, affecting 100,000 policyholders
▼ + stars: | 2023-07-12 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Farmers Insurance will stop offering its policies in Florida, including home, auto and umbrella policies, in a change that will force thousands of people to change their insurance provider. Farmers serves 100,000 customers in Florida but said there will be no impact to customers who use Farmers’ owned subsidiaries like Foremost Signature and Bristol West. “Such policies will continue to be available to serve the insurance needs of Floridians,” Farmers Insurance spokesperson Trevor Chapman said in a statement. Florida requires affected policyholders to receive a 120-day notice that their policies aren’t being renewed. Earlier this week, Farmers limited new homeowners insurance policies in California because of high costs and wildfire risks.

Persons: Trevor Chapman, don’t, aren’t, ” Mark Friedlander, ” Friedlander, hasn’t, ”, Friedlander, It’s, Hurricane Ian, Harvey Organizations: New, New York CNN — Farmers Insurance, Farmers, Bristol West, ” Farmers Insurance, ”, Insurance Information Institute, CNN, Insurance, Institute, Atlantic, National Oceanic, Atmospheric Administration, NOAA, Farm, Allstate Locations: New York, Florida, California

☆ 'We're in a perfect storm.' Insurers flee parts of America amid the climate crisis and rising costs to rebuild.
▼ + stars: | 2023-06-22 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

Some insurers have stopped selling new policies in states like California and Florida. "We're seeing escalating catastrophe risk, a historic rise in inflation, and the cost to recover and rebuild homes is increasing." Still, Friedlander doesn't see Florida's insurance market improving any time soon. Beyond the rising risk of disaster, property insurers are also dealing with construction costs that are outpacing inflation, according to an analysis by the Insurance Information Institute. Insurers saw a 55% increase in rebuilding and replacement costs between 2019 and 2022.

Persons: Carole Walker, Walker, Mark Friedlander, Friedlander, Ian, Ron DeSantis Organizations: Service, Rocky Mountain Insurance Association, State Farm, Allstate, Colorado Division of Insurance, FAIR, Property Insurance Corporation, Insurance, Research, Institute, Contractors Locations: California, Florida . Colorado, Gulf Coast, California , Colorado , Florida , Louisiana, Texas, Colorado , New Mexico , Utah, Wyoming, Colorado, California , Louisiana, Florida

☆ Florida’s homeowner insurance rates are four times the national average. That’s not getting better anytime soon
▼ + stars: | 2023-06-01 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

But no matter how many storms hit Florida this year, the state’s residents are already struggling as they try to get homeowners’ insurance. But in Florida, State Farm has about 7% of the market, according to the Insurance Information Institute, an industry trade group. Just more than half of insurers based in Florida are on the state insurance regulator’s watch list due to their financial health. Homeowners in the state pay private insurers about $6,000 a year, compared to a national average of $1,700. But wind damage to homes and roofs are covered under homeowners’ insurance policies.

Persons: ”, Mark Friedlander, hasn’t, Friedlander, It’s, Hurricane Ian, Harvey, “ We’ve, shortchanging policyholders, Stephen Cain, “, Matthew Carletti, “ They’ve, ” Carletti, There’s Organizations: New, New York CNN — Hurricane, State, Insurance Information Institute, Homeowners, Atlantic, National Oceanic, Atmospheric Administration, Hurricane, NOAA, National Flood Insurance, Insurance, Property Insurance Corp, Citizens Property Insurance Corp, Citizens, Dade, JMP Securities Locations: New York, Florida, South Florida, Miami, Broward, Monroe County, South, Atlantic Coast

☆ Kia and Hyundai Thefts Are Soaring — and It's TikTok's Fault
▼ + stars: | 2023-03-16 | by ( Britta Lokting | ) www.businessinsider.com time to read: +12 min

Lebeau-Chorn and Jenkins are just two victims of an unprecedented surge in car thefts that has swept across US cities in the past two years. The situation has become so critical that two major auto-insurance companies, State Farm and Progressive, have stopped insuring vulnerable Kia and Hyundai models. Safety shortcutsThe TikTok video that sparked the challenge — a how-to reportedly created by user @robbierayyy — exposed a security flaw in Kia models from 2011 to 2021 and Hyundai models from 2015 to 2021. All Kia vehicles are subject to and comply fully with rigorous testing rules and regulations outlined in the Federal Motor Vehicle Safety Standards." In Illinois last month, three 13-year-olds were arrested after being seen in a stolen Kia that hit and killed a 71-year-old man.

☆ Auto insurance is up by more than 15% this year in some states. Here's how to keep your premium down
▼ + stars: | 2023-02-07 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

Miniseries | E+ | Getty ImagesAs with many line items in your household budget, your auto insurance probably costs more this year than in 2022. While auto insurance tends to eat up a small share of a person's income — about 3% for the average person, according to the Bankrate study — you may be able to reduce it even further. "If you're working from home now, I'd definitely let your insurance company know you're not commuting to work," said Brian Moody, executive editor of Kelley Blue Book. If you were to increase your deductible to $500 from $250, it could reduce your coverage cost by 15% to 30%, Friedlander said. "Auto insurance is extremely competitive and companies want your business to grow their market share," Friedlander said.

☆ How Much Car Insurance Do I Need?
▼ + stars: | 2022-11-13 | by ( ) www.wsj.com time to read: +11 min

We’ll guide you through how to decide what car insurance works for you––making sure you get the coverage you need without breaking the bank. Required coverage amounts vary by state, but often match the minimum liability insurance coverage requirements. At the same time, if you have collision insurance (more on this below) and a low deductible on your health insurance plan, this insurance could be largely redundant—and you may well be safe with your state’s minimum. How much collision insurance coverage do I need? Also just like collision insurance, the coverage limit for comprehensive insurance is typically the cash value of your car.

☆ What Does Liability Insurance Cover?
▼ + stars: | 2022-10-15 | by ( ) www.wsj.com time to read: +10 min

Personal liability insuranceIf you own a home or drive a car, you already have some liability insurance. Professional liability insuranceProfessional liability insurance covers small businesses or individuals who offer advice or services, such as accountants, financial advisors, doctors and lawyers. 3. Business liability insuranceThere are several forms of business liability insurance. Homeowners liability insuranceA standard homeowners or renters policy provides at least $100,000 worth of liability insurance. Business and professional liability insuranceCoverage needs for business or professional liability insurance vary based on the size, location and structure of your company, among other things.

☆ Hurricane Ian is a reminder for all homeowners to check their insurance for coverage of natural disasters
▼ + stars: | 2022-09-29 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +4 min

A man walks through the debris on a street in the aftermath of Hurricane Ian in Punta Gorda, Florida. Regardless of where you live, here's what you should review in your homeowners insurance policy for weather-related coverage. If you live in a state along the East Coast or Gulf of Mexico, there's a good chance your policy has a hurricane deductible. "One of the most important policies to consider for hurricane protection that can be overlooked is flood insurance," Wilson said. In Florida, more than 80% of homeowners do not have flood insurance, Friedlander said.

Hurricane Ian in the Gulf of Mexico on Sept. 27, 2022. Share this -Link copiedHurricane Ian over Cuba on Tuesday morning Hurricane Ian over Cuba, on Tuesday. Share this -Link copiedIan expected to strengthen later Tuesday morning Hurricane Ian is expected to strengthen later Tuesday morning, officials said. Share this -Link copiedStorm clouds over St. Petersburg, Florida Storm clouds are seen as Hurricane Ian approaches in St. Petersburg, Florida on Monday. Ricardo Arduengo / AFP - Getty Images Share this -Link copiedHurricane Ian as it barrelled towards Cuba Hurricane Ian growing stronger as it barrelled toward Cuba on Monday.

Hurricane Ian is speeding toward the Gulf Coast of Florida at a perilous time for property owners in the state, who have been weathering an insurance crisis that the Category 3 storm could now exacerbate. “Florida’s property insurance market was the most volatile in the U.S. before Hurricane Ian formed and will most likely become even more unstable in the wake of the storm,” said Mark Friedlander, a director at Insurance Information Institute in Florida. These issues have created problems in the market that have shepherded many insurers toward closure or left them on precarious financial footing. A dozen insurance companies operating in Florida have gone out of business since January 2020. The insurance crisis is largely the result of countless roofing scams in which contractors and attorneys file numerous fraudulent damage claims on behalf of homeowners and force insurance companies to settle, NBC News previously reported.

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