Homeowners Insurance Companies Adjust to Holder Relocations

December 21st, 2010

Most homeowners insurance companies in the U.S. opt to cancel a client's policy if they found that the client is not occupying the property for which the insurance was acquired. However, the growing number of foreclosures and the increasing unemployment rates have resulted in more homeowners relocating to other places which means more policyholders are likely to lose their insurance if old rules are to be followed.

In an effort to cope with the changing times, a number of property insurance firms have made adjustments to their operations, including American Integrity Insurance Co. The firm recently launched a vacant home policy aimed at Florida customers whose policies have been terminated due to relocation. The huge number of relocating households resulted in record cancellations of policies and most insurance firms are privy to the detrimental impact this could have on their operations and on the housing market in general.

The introduction of American Integrity's vacant home policy has been welcomed by most homeowners, particularly those who plan on moving to another place and are in the process of selling their houses. Before the introduction of the company's policy, insurance coverage for vacant or empty houses is not offered by standard homeowners insurance companies in the state. The only option then was to look for specialty firms that often charge higher fees and premiums

According to American Integrity, the introduction of the new policy will fill a void in the Florida home insurance market. This will remove property owners' worries that the properties they are trying to sell will be left with no coverage at all. The company adds that the new policy will protect those properties that are left vacant while buyers are being sought. The introduction of the vacant house coverage is the company's way of adapting to changes in the housing market brought about by the huge supplies of foreclosures.

American Integrity Insurance is one of several homeowners insurance companies operating in Florida. It provides coverage for more than 90,000 Florida homeowners, including owners of manufactured houses. The latest addition to its range of services is considered fitting in a time when homeownership and economic uncertainties are prevalent in the region.

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Finding Cheap Home Insurance Is Not the Only Problem for Seniors

November 23rd, 2010

For senior homeowners in Connecticut, getting cheap home insurance is difficult enough, but for those who have taken long-term policies in preparation for a comfortable life in nursing homes, the problem has just gotten bigger.

This is because the Insurance Department of the state has recently approved a 39% rise in long term insurance premiums offered by MetLife. Elderly residents who have policies for this type of insurance are facing a yearly payment that is almost double of what they used to pay. According to most of them, this could prove to be impossible to fulfill.

The premiums, which are meant to cover in-home assistance and nursing home care, have reportedly been rising in the past few years, but the recent jump is the highest so far for state holders. There have also been reports that insurer John Hancock is also planning to increase its rates by around 40%.

According to insurance industry analysts, just like the problem with providing cheap home insurance, long term providers are finding it hard to get returns that will allow them to pay for holders' nursing home care. On average, semi-private rooms in nursing homes in the state can cost as much as $79,000 every year.

Insurance firms' lack of earnings is partly attributed by analysts to the low rates of interest and the companies' miscalculation of the number of policyholders expected to drop their coverage prior to collecting. On the part of the policyholders, majority of them have stated that dropping their policies will mean losing everything they have put into them, which in most cases, are equivalent to lifetime savings.

The problem has widespread implications for the lives of senior citizens. In a research conducted by Boston College's Center for Retirement Research, it has been found that around one third of Americans who will turn 65 this year will require at least 90 days of nursing home services.

In addition, the Kaiser Foundation has revealed in a report published in 2009 that over 10 million U.S. residents will require long-term medical services and care and the figure is expected to rise further. Analysts have stated that for senior Americans, it seems that finding cheap home insurance is not the only problem facing them in these difficult times.

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Guide for People Seeking Home Insurance Services Released in New York

October 26th, 2010

The 2010 version of the Consumer Shopping Guide for Homeowners and Tenants Insurance has been published by the Insurance Department of New York State. The document is meant to offer information to renters and homeowners that will help them select tenant and home insurance services that are appropriate for their level of needs.

According to department officials, they are hoping that the document will aid renters and property owners find the coverage they really need with a minimum amount of fuss. The guide offers premium comparisons for policies offered by various insurance firms for a certain type of property. It touches upon all types and all available policies and how each can help protect a property owner's home. Issues like reporting losses, filing complaints at the department and handling provider-related disputes are also discussed in the report.

The said department encourages residents of New York to get hold of the guide as it will allow them to learn what constitutes a home insurance policy. According to them, homeowners and tenants should be aware that home insurance services do not include earthquake or flood coverage. The various methods by which deductibles are determined are also discussed in the document.

As an example, the guide reveals that some deductibles are determined using dollar values, while others are based on homes' replacement values or coverage amount. Meanwhile, some areas in the coast will require mandatory deductibles for hurricanes that can range from 1% to 5%. The range is usually determined by the insurance firm, wind speed or storm category.

Department officials have advised residential property owners and home renters to get in touch with their insurance service providers and discuss their needs so that their policies can be adjusted appropriately. They also remind people seeking insurance to read the guide, examine their policies and analyze how such services work.

The guide published by the department is meant to save renters and residential property owners from time and money-related problems. It also aims to prevent people looking for home insurance services from committing common mistakes encountered by those who do not know what exactly the service is for.

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Mobile Home Insurance Rates Will Decrease for Citizens Clients

September 28th, 2010

Some Florida residents whose mobile home insurance is provided by Citizens Property Insurance will be enjoying lower premiums soon as the firm has announced that it will provide decreased premiums to its policyholders despite recently receiving news that state regulators have approved a 10% increase for the insurance company's policies.

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Lawsuit Filed Against Home Insurance Company by LA Homeowners

August 24th, 2010

The life, car and home insurance company Farmers Insurance Group is being sued by more than 1,000 homeowners from Los Angeles, California for allegedly refusing to honor policyholders' claims. The claims were made for the damage caused by the Station fire on the plaintiffs' properties.

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Home Insurance Firm Bought Stocks Back From Founding Shareholders

August 10th, 2010

Casualty, specialized and home insurance provider Allied World Assurance Holdings Ltd. has recently purchased back stocks from Goldman Sachs Group Inc.-affiliated funds, which served as the company's founding shareholders. The stocks were reportedly worth $250 million.

Continue Reading: Home Insurance Firm Bought Stocks Back From Founding Shareholders

House Insurance Cancellations to Be Prevented by Bill in Louisiana

April 27th, 2010

The Louisiana Senate will soon deliberate on a bill that would prevent house insurance firms from canceling coverage for homeowners and businesses with properties that have Chinese corrosive drywall.

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Cheap Home Insurance and Consumer Rights Are Top Concerns

April 20th, 2010

There is probably no such thing as cheap home insurance in the United States anymore, but homeowners are getting some positive news in the insurance department in terms of improved security.

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Home Insurance Companies in California Take Notice

April 16th, 2010

A situation might prove to be of interest to home insurance companies in California. According to reports, homeowner and auto insurance firm Mercury Insurance became the subject of a Market Conduct Examination by the state Department of Insurance.

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Home Insurance Companies in Florida Got Rate Hike Requests

March 30th, 2010

Home insurance companies writing policies in Florida got their premium hike requests after the state Senate and House passed their versions of the home insurance rate increase bill in the middle of March.

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