A recent report by Insurance.com, found that the average homeowners insurance rate in the U.S. came in at $2,777 per year which breaks down to $231 a month. The average was based on coverage levels of $300,000 in dwelling and liability and a $1,000 deductible. When Insurance.com ran the numbers, Oklahoma was the most expensive […]
Archive | California
RSS feed for this sectionWhat exactly is a FAIR Plan?
If you live in an area where severe weather is common, or wildfires pop up every summer you may have trouble finding affordable home insurance coverage. If homes in your area are repeatedly damaged or destroyed by a covered peril, insurers may pull out of the entire area, refusing to write policies in your neighborhood. […]
2024 Homeowners Insurance Outlook Receives Negative Rating
The insurance news for 2024 is certainly not great. Experts expect that extreme weather and increasing costs will push up insurance costs and make insurance companies more selective when deciding where they will write policies. Recently, credit rating agency AM Best downgraded the entire home insurance industry from stable to negative. According to Richard Attanasio, […]
2023 – California’s recent storms – Is my home covered by insurance?
California has recently been hit by a shocking amount of punishing winter weather that has triggered flooding as well as mudslides across vast areas of the state. The weather has led to evacuation orders as well as damaged homes. Unfortunately, for many homeowners, the damage may not be covered by their homeowners insurance. In most […]
2022 Future Housing Market Preview by Fed Chairman Powell
Many of us are concerned about how the housing market will fare as interest rates head up and a looming recession takes hold. Will home values crash as they did during the Great Recession or will they simply stop rising and settle in at their current values. While no one can predict the future, Fed […]
Homeowners Prepare for Rate Increases Later This Year
In most states, home insurance rates are headed up this year and homeowners should be prepared for further rate increases before the end of the year. According to a recent S&P Global Market Intelligence report, over 177 insurance carriers have filed requests for rate increases in 43 states, Arizona alone has seen 34 rate increase requests. […]
California Proposes Insurance Discounts for Wildfire Mitigation
Recently, the California Insurance Commissioner Ricardo Lara proposed a regulation that would not only stop insurance companies from overcharging homeowners who have done wildfire mitigation to reduce their risk of wildfires but would also require insurers to take these mitigation efforts into account when deciding on a premium or whether to insure a specific property. […]
Getting Insurance Coverage After a Non-Renewal
In most cases, homeowners receive a renewal form from their insurance company a few months before the end of their policy term. In this case, the homeowner simply needs to review the information, sign the renewal, and send it back to sign up for another year of coverage. Unfortunately, some homeowners receive a non-renewal notice […]
Top 5 Factors That Send Home Insurance Rates Higher
There are numerous factors that insurers consider when setting your homeowners premium. Everything from your credit score to how old your home is will impact your rates and these factors can either push your rates up or down. We thought it might be a good idea to have a look at a few items that […]
California Announces New Incentives for Fireproofing Homes
Support and charity design after wildfires in southern California with Be Safe California words, map of California state, fire and heart shape. California insurance commissioner Ricardo Lara recently announced that there would be new incentives put in place for owners of older homes who upgrade their properties to make them more fireproof. The “home hardening” […]