Despite rising concerns, 26% of commercial property owners admit to knowingly carrying inadequate insurance coverage to account for severe weather events, an 8-point increase from 2023.
Dog-related claims have increased significantly in both frequency and cost, according to the latest claims data analysis from the Insurance Information Institute (Triple-I) and State Farm.
Roof repair and replacement cost value totaled nearly $31 billion in 2024, according to a report from Verisk.
Personal lines rate increases were driven by homeowners insurance premiums, while auto and umbrella and excess liability saw the most significant commercial lines rate hikes.
Homeowners claims are taking longer to resolve than ever before with the average claim cycle time—from filing the claim to finished repairs—now 32.4 days, says J.D. Power.
