Reconstruction Costs Accelerated 5.2% Year-Over-Year
Both residential and commercial property saw total reconstruction costs increase from July 2023 to July 2024.
News
Fannie Mae and Freddie Mac Postpone Updated Guidance for Property Insurance Coverage
The guidance was set to take effect on June 1 and would have required mortgagors to acquire replacement cost value coverage for their property, including roofs, deeming actual cash value unacceptable.
Senate Holds Hearing on Challenges in the Property Insurance Market
The hearing highlighted the recent property insurance market turmoil due to the major disasters in Florida, Georgia, the Carolinas, California, Hawaii and Vermont.
Commercial Property Insurance Prices Rise Again, Cyber Moderates
The aggregate price change for lines of U.S. commercial insurance was up 5.6% for the first quarter, compared to the 4.8% increase in the fourth quarter of 2022.
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.
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.
