Buying Home and Auto Insurance Used to Be Routine. It’s Becoming a Nightmare.
11 months, 2 weeks ago

Buying Home and Auto Insurance Used to Be Routine. It’s Becoming a Nightmare.

Live Mint  

After Allstate suffered billions of dollars in losses and failed to get the rate increases it wanted, it resorted to the nuclear option. “I have never seen the overall market this bad," said Barry Gilway, a 52-year veteran of the industry who retired in 2023 as head of Florida’s Citizens Property Insurance, a state-created insurer of last resort that sells plans to people who can’t get coverage elsewhere. “We assume people have choices…go shop it and you’ll find it," said Debbie Mayfield, a Florida state senator, at a hearing last year. “I’ve been here 27 years, and we’ve never increased auto rates in the way we have in the last two years," said Allstate CEO Wilson. “I don’t think it’s like the insurance industry said, we’re done here, you’re on your own," said Allstate’s Wilson.

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Allstate receives approval for 34% increase in homeowners insurance rates
3 months, 3 weeks ago

Allstate receives approval for 34% increase in homeowners insurance rates

LA Times  

Charred mailboxes remain standing along Pentz Road in Paradise, a community that was almost completely destroyed by the Camp fire in 2018. Allstate has received approval to raise its California homeowners insurance premiums by an average of 34% starting in November — the largest rate increase this year amid the state’s insurance crisis. The sixth-largest homeowners insurer in the state, …

California auto insurance rates are skyrocketing: Here’s why and how to save
4 months ago

California auto insurance rates are skyrocketing: Here’s why and how to save

LA Times  

The cost of auto claims has soared across the United States since the start of the COVID-19 pandemic, according to the Insurance Information Institute. Business Californians, brace for another bill increase: your car insurance California car insurance regulators approved some big rate increases in the last six months after a long COVID break. Business Surging auto insurance rates squeeze drivers, …

Allstate seeking 34% rate increase for California homeowners insurance
5 months, 1 week ago

Allstate seeking 34% rate increase for California homeowners insurance

LA Times  

The Colorado fire burns behind a house off Highway 1 near Big Sur in January 2022. Allstate is seeking to raise its California homeowners insurance premiums by an average of 34% — which would be the largest rate increase this year amid the state’s insurance crisis. If approved by the state’s Department of Insurance, the rate hike would affect more …

Weather disasters drive surge in US home insurance rates
6 months, 1 week ago

Weather disasters drive surge in US home insurance rates

China Daily  

An abandoned car sits at an intersection of a flooded street on Tuesday in Surfside, Florida. To cover their losses, insurers are raising rates, restricting coverage or pulling out of some areas "because they're concerned about having to pay out so much as more of these weather-related catastrophes occur", Dave Jones, director of the Climate Risk Initiative at UC-Berkeley's Center …

Editorial: California’s next affordable housing crisis is the rising cost of property insurance
6 months, 1 week ago

Editorial: California’s next affordable housing crisis is the rising cost of property insurance

LA Times  

Interior patio at Amani Apartments, build with funds from Proposition HHH to provide 53 permanent apartment homes to seniors who formerly experienced homelessness that opened in 2022. Now a growing problem for the state’s homeowners has hit affordable housing providers especially hard: skyrocketing property insurance rates. In the last couple of years, organizations that build and maintain affordable housing report …

Surging auto insurance rates squeeze drivers, fuel inflation
7 months ago

Surging auto insurance rates squeeze drivers, fuel inflation

LA Times  

Relentlessly rising auto insurance rates are squeezing car owners and stoking inflation. Auto insurance rates rose 2.6% in March and are up 22% from a year ago. But auto insurance and car ownership costs have become a sticking point for consumers and the Federal Reserve in its battle to rein inflation back to its goal of 2%. “A fender bender …

Car insurance costs hit new average record high of £635 - but hikes may be starting to slow
7 months, 3 weeks ago

Car insurance costs hit new average record high of £635 - but hikes may be starting to slow

Daily Mail  

Long-suffering motorists faced another car insurance premium hike this year, with the average driver now paying a record £635 for cover. Insurers said that claims costs, thefts and repair prices were behind high car insurance premiums. On the line: Drivers are being squeezed by rises in car insurance they have no way of avoiding ABI director of general insurance policy …

Surging auto insurance rates squeeze drivers, fuel inflation
7 months, 3 weeks ago

Surging auto insurance rates squeeze drivers, fuel inflation

Associated Press  

NEW YORK — Relentlessly rising auto insurance rates are squeezing car owners and stoking inflation. But auto insurance and car ownership costs have become a sticking point for consumers and the Federal Reserve in its battle to rein inflation back to its goal of 2%. “The severity is really the thing that has influenced rates more over the last two …

Surging auto insurance rates squeeze drivers, fuel inflation
7 months, 4 weeks ago

Surging auto insurance rates squeeze drivers, fuel inflation

Associated Press  

NEW YORK — Relentlessly rising auto insurance rates are squeezing car owners and stoking inflation. But auto insurance and car ownership costs have become a sticking point for consumers and the Federal Reserve in its battle to rein inflation back to its goal of 2%. “The severity is really the thing that has influenced rates more over the last two …

US home insurance bills to hit $2,500-a-year in 2024 due to climate change but as much as $12,000 in worst-hit areas - how much will it be in YOUR state?
8 months, 3 weeks ago

US home insurance bills to hit $2,500-a-year in 2024 due to climate change but as much as $12,000 in worst-hit areas - how much will it be in YOUR state?

Daily Mail  

US home insurance rates will hit a record high this year, according to grim new forecasts. The typical annual premium will rise to $2,522 by the end of 2024, according to insurance comparison platform Insurify - up 6 percent on a year before. Jewell Baggett, 51, sits on a bathtub amid the wreckage of her home in Horseshoe Beach, Florida …

'Everything is rising at a scary rate': Why car and home insurance costs are surging
9 months, 2 weeks ago

'Everything is rising at a scary rate': Why car and home insurance costs are surging

NPR  

'Everything is rising at a scary rate': Why car and home insurance costs are surging Enlarge this image toggle caption Courtesy of Ezra Croft Courtesy of Ezra Croft Ezra Croft has never filed an insurance claim, and his house in Raleigh, North Carolina isn't close to a stormy coastline or a fire-prone forest. "While a lot of these storms don't …

A major auto insurer returns to California — with a 30% price hike
10 months, 1 week ago

A major auto insurer returns to California — with a 30% price hike

LA Times  

California drivers can now buy an auto insurance policy directly from Allstate again, after the company hit pause on selling new insurance through its website or phone service to customers in the state last year. Allstate’s full return to the California auto insurance market only comes after regulators allowed the company to raise its rates by 30% on average across …

Four ways to save money on home insurance as rates rise
2 years ago

Four ways to save money on home insurance as rates rise

Live Mint  

Four Ways to Save Money on Home Insurance as Rates Rise BY Veronica Dagher | UPDATED DEC 02, 2022 07:06 AM EST Premiums jumped 9.3% since 2021, but there are ways to trim your bill 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 …

Making a home insurance claim ‘can drive up policy costs by more than 50%’
2 years, 11 months ago

Making a home insurance claim ‘can drive up policy costs by more than 50%’

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Home insurance …

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