News

An estimated 39 million U.S. homes are underinsured compared to the risk they actually face from weather events, such as hurricanes, wildfires and floods, according to the First Street Foundation.

The hearing highlighted the recent property insurance market turmoil due to the major disasters in Florida, Georgia, the Carolinas, California, Hawaii and Vermont.

This week, Farmers Insurance said it will stop offering home, auto and umbrella policies in Florida.

This week, Nationwide announced it is pausing writing business in certain lines of insurance, joining the list of insurers who have withdrawn from markets.

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 cited the hard market and protecting the company’s bottom line as the reason for the withdrawal.

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.

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.

While homeowners and personal articles insurance on a composite basis were down slightly in the first quarter of 2023, auto insurance rates increased.

Applied Home National Underwriters will act as a managing general agent and will represent eight carriers, five from Applied and three from other carriers.