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☆ As the climate crisis intensifies, insurers will likely reshape where people live — leaving desperate homeowners in the lurch
▼ + stars: | 2023-07-02 | by ( Catherine Boudreau | Dan Latu | ) www.businessinsider.com time to read: +9 min

Nick's dilemma illustrates how the climate crisis is touching even the most mundane aspects of owning a home. That's been stagnant because of strict state regulations on what insurance companies can charge. She's one of many homeowners who for years have bought policies from companies that aren't approved by Florida's insurance regulators. Houses that would cost $1 million or more to rebuild are not covered by the state-backed Citizens Property Insurance, leaving them vulnerable to a disaster. Now he's not sure whether he — or anyone — will ever get the chance to live in his former neighborhood again.

Persons: —, Nick, hadn't, McKinney, Hurricane, Madelyn Rodriguez, Rodriguez, Ian, Rodriguez's townhome, Bob Stephens, Stephens, It's, he'd, he's Organizations: Service, California FAIR, Insurance, Institute, State Farm, Allstate, Insurance Information Institute, Property Insurance, Los Angeles Locations: Klamath, Forest, Oregon, McKinney, California, Florida, Fort Lauderdale , Florida, Broward County, Marathon , Florida, —, Marathon

☆ '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

☆ Insurance is the effect not the cause, says III CEO Kevelighan on State Farm's California decision
▼ + stars: | 2023-05-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInsurance is the effect not the cause, says III CEO Kevelighan on State Farm's California decisionSean Kevelighan, Insurance Information Institute CEO, and Tom Corringham, Scripps Institution of Oceanography research economist, join 'Last Call' to discuss news that State Farm will no longer insure new houses in California.

Persons: Kevelighan, Sean Kevelighan, Tom Corringham Organizations: Email Insurance, Insurance, Institute, Scripps Institution, Oceanography Locations: State Farm's California, California

Full coverage car insurance is a mix of liability, collision, and comprehensive car insurance. Liability insurance is required by state law, and full coverage is a combination of the three different types of insurance. What is full coverage car insurance? Full coverage is a combination of state minimum liability (and sometimes medical coverage, comprehensive, and collision insurance. Who needs full coverage car insurance?

☆ How to talk to your aging parents about safe driving
▼ + stars: | 2023-03-30 | by ( Chris Taylor | ) www.reuters.com time to read: +5 min

One person may represent a danger on the roads at age 65, while another may be perfectly fine at age 85. Upgrades can help them stay safe, including technologies to keep drivers from drifting out a lane, backup cameras and various other detection systems. Special licensing requirements for elderly drivers can help screen out problems with vision and cognition. Some states require more frequent renewal for older drivers, or demand regular vision checks, or prohibit online renewals altogether. For a few hundred dollars a year, you could get a $1 million policy that should let everyone sleep better at night – both you, and your parents.

☆ 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.

Premiums can increase by almost 50% after an at-fault accident claim, according to an analysis by The Zebra, an insurance comparison website. If you run into a deer or other animal, your comprehensive car insurance would kick in. When you might not need to file a claimWhile filing a claim for damage caused to others is always encouraged, there are instances where you might consider not filing a claim. When your claim is less than the deductibleIf the repair cost is lower than your insurance policy's deductible, it's probably not worth filing a claim. "Even if you're not at fault, filing a claim could still increase your premium," says Cox.

☆ 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.

☆ Some auto insurers are refusing to cover some Hyundai and Kia models
▼ + stars: | 2023-01-27 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

CNN —Progressive and State Farm, two of America’s largest auto insurers, are refusing to write policies in certain cities for some older Hyundai and Kia models that have been deemed too easy to steal, according to one of the insurance companies and media reports. The insurance companies did not tell CNN which cities or states were involved. Hyundai and Kia operate as separate companies in the United States, but Hyundai Motor Group owns a large stake in Kia and various Hyundai and Kia models share much of their engineering. Engine immobilizers are now standard on all Kia vehicles, according to a statement by the automaker and the company says it has been developing and testing security software for vehicles not originally equipped with an immobilize. Hyundai said it is providing free steering wheel locks to some police departments around the country to give local residents who have easily stolen Hyundai models.

☆ Florida Lawmakers Approve Property-Insurance Overhaul, Sending Bill to DeSantis
▼ + stars: | 2022-12-14 | by ( Leslie Scism | Arian Campo-Flores | ) www.wsj.com time to read: 1 min

Florida’s average annual home-insurance premium of $4,231 is the highest in the nation, and nearly triple the nationwide average, says trade group Insurance Information Institute. Florida lawmakers approved sweeping changes to state law to address a worsening property-insurance crisis, including adding $1 billion to a state-run reinsurance program to ease a burgeoning private-sector shortage of the crucial backup coverage. Republican Gov. Ron DeSantis called the legislature into a special session this week to deal with woes that also include a highly litigious environment in the state, mounting losses at smaller insurers constituting the bulk of the home-insurance market, and the ballooning size of a state-run insurer of last resort as some private-sector carriers have been driven to insolvency.

☆ Four Ways to Save Money on Home Insurance as Rates Rise
▼ + stars: | 2022-12-02 | by ( Veronica Dagher | ) www.wsj.com time to read: 1 min

Homeowners had to shell out more money for mortgage payments, routine maintenance and heating costs this year as quickening inflation and rising interest rates strained monthly budgets. One more bigger bill to add to that list: home insurance. Home insurance premium rates rose 9.3% from Jan. 1, 2021, through Nov. 25 on average nationwide, according to S&P Global Market Intelligence data. The Insurance Information Institute, an industry trade group, also known as Triple-I, said premiums are likely to rise further in 2023.

☆ 'It's a work in progress.' How Covid has changed the life insurance marketplace
▼ + stars: | 2022-12-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +6 min

But for the life insurance industry, experts say the long-term effects aren't yet known. Faced with a staggering loss of life, insurance firms saw payouts soar during the pandemic. The demand for life insurance policies also jumped as consumers rushed to protect loved ones. Individual U.S life insurance application activity increased by 3.4% in 2021, following a record-breaking year-over-year growth of 3.9% in 2020, according to the MIB Life Index's 2021 annual report. However, the life insurance industry is still wrestling with mortality changes and how these shifts may affect the underwriting process.

☆ Hot Market for Cyber Insurance Begins to Stabilize
▼ + stars: | 2022-11-15 | by ( Richard Vanderford | ) www.wsj.com time to read: +6 min

The market for cyber insurance has begun to stabilize after a surge in ransomware attacks in recent years propelled a steep rise in premiums, observers say. Cyber insurance can pay ransoms to hackers who lock company technology systems, or it can help offset the cost of responding to data breaches. The insurance itself remains relatively niche—insurer Munich Re Group estimated the global value of cyber insurance premiums at $9.2 billion at the outset of 2022, compared with hundreds of billions of dollars spent in the U.S. alone for commercial insurance, according to the Insurance Information Institute—but events spurring premium increases have become familiar. But not all companies can, as some must have cyber insurance to work with partners, Mr. McNicholas said. “The cyber insurance community has to be fairly nimble and flexible in how it looks at risk.”Write to Richard Vanderford at Richard.Vanderford@wsj.com

☆ 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.

☆ This California startup says it can predict where wildfires might start—it's using that power in a surprising way
▼ + stars: | 2022-11-07 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +5 min

Nobody can predict the future, but a San Francisco-based startup called Kettle seems able to predict where wildfires could start in California. That means Kettle provides insurance for insurance companies. But Kettle's focus on reinsurance, rather than selling its software directly to insurance companies, is unique, Manning says. Most reinsurers predict wildfire risk through a decades-old technique that relies on historical data, Manning adds. In other words, reinsurance companies do benefit large insurers — but they also make sure you're able to get the money you're owed if disaster strikes.

☆ Real-estate investors rush to score deep discounts on Florida properties hammered by Hurricane Ian: 'If they were asking $1 million before the storm, I'll offer $750,000'
▼ + stars: | 2022-10-20 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +3 min

Real-estate investors are trying to take advantage of the down market by buying properties for less. They seem undeterred by high insurance costs, possibly falling home values, and ever-worse storms. The real-estate market in Florida just doesn't stop. "If they were asking $1 million before the storm, I'll offer $750,000," Lema told The Wall Street Journal. Photo by Ricardo Arduengo/AFP via Getty ImagesStill, it seems many buyers are undeterred by or unaware of insurance costs, future home-value depreciation, and the risk of ever-stronger hurricanes and rising sea levels.

☆ 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.

☆ Beware, Florida homeowners. The worst is yet to come.
▼ + stars: | 2022-10-06 | by ( Dan Latu | James Rodriguez | ) www.businessinsider.com time to read: +10 min

They were paying $750 a month for the lot in a mobile-home park and couldn't fathom paying $7,200 a year for homeowners insurance, let alone additional protections for floods. (Flood insurance costs an average of more than $600 a year in Florida and can stretch even higher in high-risk areas.) But just 57% of those homes are covered by flood insurance, a Bank of America analysis of data from CoreLogic and the National Flood Insurance Program found. Some owners may not even know that they need a separate insurance policy for flooding, assuming it's covered by their homeowners insurance. Roughly a dozen firms that provide homeowners insurance in Florida have gone under in the past two years, The Washington Post reported.

☆ 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.

☆ Car insurance costs more, but 'several million people' may still not have enough, expert says
▼ + stars: | 2022-09-21 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

Thanks to inflation, you're likely paying more for just about everything these days, and car insurance is no exception. Depending on your policy, that could be a big problem, says Cate Deventer, insurance writer and editor at Bankrate. In the case of an accident, your insurance will pay up to a maximum amount specified in your policy. And the costs associated with car accident insurance claims are on the rise. In 2020, auto insurers paid out an average $20,235 for bodily injury claims from car accidents, per the Insurance Information Institute.

Tens of thousands of people are scrambling for homeowners insurance in Louisiana at the peak of hurricane season after recent storms drove their carriers out of business. Massive claims from those storms drove large national insurance companies to scale back their coverage and remaining companies to jack up rates. The strategy seemed to work: Rates eventually stabilized, although Louisiana remained one of the most expensive states for homeowners insurance. That pushed the small insurance companies to their financial limits and squeezed reinsurers, who raised their rates. The state insurer’s rolls, which totaled 34,500 in August 2020, ballooned to about 110,000 last week.

☆ What causes road rage? Big, expensive cars.
▼ + stars: | 2022-05-12 | by ( Adam Rogers | ) www.businessinsider.com time to read: +12 min

The more expensive the car, the less likely the driver was to yield the right of way. Anecdotally and statistically, evidence is mounting that driving itself turns people into bad drivers — and that maybe pricier, fancier, bigger cars make them even worse. Making cars bigger made them deadlier. "They are in a bigger car," says Bart Claus, a marketing researcher at IÉSEG School of Management in France who was one of the paper's authors. The only way to fix the fact that cars make us unsafe is to reduce the number of cars.

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