As the recent string of storms and flooding on the West Coast have likely hit property owners with unmitigated costs, many Americans mistakenly believe they are covered against floods, according to Neptune Flood.
The Missouri Supreme Court ruled that, because the insurer was not given the opportunity to intervene in the case before judgement was entered, the earlier court ruling should be vacated.
Over half (59%) of homeowners are concerned their insurance coverage is insufficient due to inflation and rising replacement costs.
“Rising claim costs have led to rate increases around the country,” says independent agent Kyle Fox. “This is due to both the increased cost of manufacturing complex parts and the technical specialization needed to service and repair them.”
A senior living condo community in Florida with a homeowners association (HOA) increased its hurricane deductible to 5% and passed the deductible back to the individual owners, who are now responsible for the roofs.
A recession, coupled with the numerous other challenges facing the commercial auto insurance market, will certainly create additional headaches for the commercial auto industry.
As losses from natural disasters in the Southeast continue to mount, there is uncertainty about how a hardening property insurance market and a tight reinsurance market will react.
No matter which holidays your client celebrates, independent agents can use this time as an opportunity to reengage and ensure they have safety top of mind.
With the increasing cost of insurance, inflated gas prices and supply-chain issues leading to rising costs for cars, the personal auto insurance market is on a bumpy road.
Inflation is driving up loss costs, carriers are increasing rates and underwriting guidelines are being tightened—all leading to a deteriorating auto insurance market.
