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☆ 6 strategies to help mitigate rising car and home insurance costs
▼ + stars: | 2024-09-30 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +8 min

While overall inflation has slowed, insurance costs are taking a bigger bite out of many household budgets. Car insurance premiums have also shot up. Bankrate estimates that in September the average cost for full coverage car insurance is $2,348 a year. Extreme weather events, higher replacement and repair costs, and increased medical expenses after accidents have boosted car insurance rates, experts say. Car insurance discounts range from safe driver and good student discounts to taking a defensive driving course.

Persons: Mike Spiering, Francesca Spiering, Joe Raedle, Shannon Martin, that's, Afilalo, Mike Barrett, Tayfun, David Carothers, Loretta Worters, you've, Rod Griffin, They're, You've, Bankrate's Martin, Price Organizations: Bureau of Labor Statistics, Autoinsurance.com, Barrett Insurance Agency, Anadolu, Getty, Independent Insurance Agents, of America, Florida Risk Partners, Insurance, Federal Emergency Management Agency, University of Pennsylvania's Wharton Risk Center Locations: Hollywood , Florida, St, Johnsbury , Vermont, Fork, New Mexico, United States, Florida, Valrico , Florida, U.S

☆ SEC fines six major credit rating agencies over failure to keep electronic records
▼ + stars: | 2024-09-03 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —The US Securities and Exchange Commission fined six major credit rating organizations a total of $49 million for their “significant failures” to keep electronic communications. Moody’s Investor Services and S&P Global Ratings agreed to pay the heftiest fines, a $20 million civil penalty each. Fitch Ratings agreed to pay $8 million, A.M. Best Rating Services agreed to pay $1 million, HR Ratings de México, S.A. de C.V. $250,000, and Demotech agreed to pay $100,000, respectively. That included an associate managing director making off-channel comments about credit rating clients. “Moody’s is fully committed to upholding our regulatory record-keeping obligations, and we are pleased to put this matter behind us,” a Moody’s spokesperson said in a statement.

Persons: Demotech, ”, Sanjay Wadhwa, A.M, Demotech “, Fitch, México, “ Organizations: New, New York CNN, US Securities and Exchange, Moody’s Investor Services, Fitch, S.A, SEC, Services, P Global, CNN Locations: New York, SEC’s

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.

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