Thousands of victims of the recent Winter Storm Jonas either have filed or are considering filing homeowners insurance claims to cover the costs of repairing their damaged homes. However, a recent Forbes report shows that filing a homeowners insurance claim may ending costing policy holders more than they expected. While the proceeds for a claim […]
Thousands of Oklahoma residents have recently received letters from insurance carriers informing them that any earthquake insurance claim they make could be denied. The letter says that the carrier can deny an earthquake insurance claim if they find that the quake was caused by oil drilling or injection wells. Residents have experienced hundreds of earthquakes […]
Louisiana Citizens Property Insurance Corporation, the state-operated provider of home insurance, will submit new homeowners insurance rates to the state’s insurance department for approval this month. The company’s board of directors voted Thursday to submit the new rates to the Louisiana Insurance Department. The proposal would increase the homeowners insurance rates for some parishes, while […]
A Florida state senator has proposed a bill that would offer expanded homeowners insurance coverage in areas prone to sinkholes. Senator Jack Latvala proposed SB 1274, which would allow insurance carriers to provide homeowners insurance coverage for sinkhole damage that results in less than a total loss. The bill would revise the current state law, […]
Victims of recent storms in Missouri will not be covered under their standard homeowners insurance policies from damage by sinkholes, according to the state’s Department of Insurance. Property owners in the state are also not covered by earthquakes on their typical homeowners insurance policy, despite the state ranking among the top three in annual tremors. […]
Forecasts from the National Weather Service show that 2016 will have some of the most severe weather patterns in more than 30 years. A system known as “El Niño” could bring high amounts of rain and snow to the more arid locations of the country. These predictions could signal a dangerous trend for homeowners who […]
The Massachusetts Division of Insurance rejected a request from a leading insurance provider to enforce a homeowners insurance deductible on homes damaged by last winter’s storms. Mapfre USA Corporation, the largest commercial home insurer in the state, requested that customers pay an additional homeowners insurance deductible of up to $10,000 for homes damaged by ice […]
A leading member of the Massachusetts state senate has called on the state’s director of insurance to review a recent homeowners insurance rate increase. State Senator Michael J. Barrett, chairman of the Senate’s Post Audit and Oversight Committee, wrote a letter to Insurance Commissioner Daniel Judson regarding the homeowners insurance rate increase the office granted […]
Homeowners in tremor-prone states, such as California, understand the need for earthquake insurance as a supplement for their standard homeowners insurance policies. However, residents in other states are quickly realizing that protection from earthquake damage does not come with their regular coverage. Oklahoma residents are reportedly seeking out earthquake insurance after a series of tremors […]
A California homeowners insurance legal challenge seeks to stop any proposed rate increases by State Farm. The homeowners insurance legal challenge, filed by the group Consumer Watchdog, claims that State Farm should cut their rates by double digits. The suit comes as a challenge to the company’s proposal to raise its homeowners insurance rates by […]