2023 Hurricane Risk Report: 33 Million Homes Under Threat
CoreLogic’s “2023 Hurricane Risk Report” provides a detailed look at what’s at stake for the U.S. as hurricane season commences.
Homeowners
State Farm Withdraws From California Homeowners, Commercial Property Market
State Farm cited the hard market and protecting the company’s bottom line as the reason for the withdrawal.
Consumers Cut Coverage as Economic Anxiety Grows
As economic anxiety increases and the hard market pushes insurance premiums higher, 51% of consumers said they are looking for ways to save money on their existing insurance policies.
Adding a County as an Additional Insured on HO4 for Vacant Land
To grant a permit for a driveway, the county is requiring the property owners to add the county as an additional insured, which the carrier won’t do.
Dog-Related Claims Cost $1 Billion in 2022
Over the past 10 years, the average cost per dog-related claim has risen 131.7% across the U.S., an increase attributable to increased medical costs, as well as social inflation.
What’s the Difference Between a DP3 and a HO3?
A client had a secondary home insured with the DP3 that they just moved into on a fulltime basis. When talking with clients, what’s the best way to explain the difference between a DP3 and HO3 homeowners policy?
Personal Lines Rate Increases Moderate in Q1 2023
While homeowners and personal articles insurance on a composite basis were down slightly in the first quarter of 2023, auto insurance rates increased.
Applied Underwriters Launches Homeowners MGA
Applied Home National Underwriters will act as a managing general agent and will represent eight carriers, five from Applied and three from other carriers.
Is Providing a Replacement Cost Estimate to Lenders an E&O Exposure?
Mortgage lenders are requiring agents to supply a replacement cost estimate (RCE) for refinance closings. Is this something the agents should be doing?
Perfect Storm Creates ‘Hardest Market Cycle in a Generation’
Rising economic and social inflation, supply chain constraints, catastrophic weather driving up losses, and historic cost increases for reinsurance has led to significant pressure on the property-casualty industry.
