Archive for the ‘Home Insurance’ Category

Finding Cheap Home Insurance Is Not the Only Problem for Seniors

Tuesday, 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

Tuesday, 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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Lawsuit Filed Against Home Insurance Company by LA Homeowners

Tuesday, 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.

According to the charges made by the homeowners living in the Station fire area, Farmers Insurance denied payouts and in some cases, minimized claim payouts for damages caused by the fire and by the ash and soot that came from the blaze. The damages sought by the plaintiffs were unspecified. A spokesman from the insurance firm has stated that Farmers' legal unit is currently reviewing the lawsuit.

The Station blaze started on August 26, 2009 at the Angeles Crest Highway and continued on for over a month. It consumed 89 residential properties and forest land estimated to be totaling 160,000 acres. It also caused the death of two firefighters from Los Angeles County. The fire produced ash cloud that covered communities in the county's foothills and produced a smoke-filled smell among houses and cars for several weeks.

One of the plaintiffs in the case against the home insurance company, a resident of Palm Drive, reported that her residence was covered in ash and smoke while the fire rages on. After the fire was put under control, she revealed that her swimming pool had ash for months.

Every time rain or wind passes through the area, ash would accumulate in her pool and in her yard. She also stated that an assessor from Farmers Insurance visited her home to take samples and later informed her that the damage only amounted to $600, which means that she did not meet the deductible minimum of $1,000.

Some of the homeowners who filed the lawsuit have complained that other residents living in the foothills, including those who live even further from the area of fire, were able to receive claim payouts. Lawyers for the plaintiffs have added that the home insurance company is deliberately denying the claims in the hope that the homeowners will end up getting discouraged and will just give up.

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Home Insurance Firm Bought Stocks Back From Founding Shareholders

Tuesday, 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

Tuesday, 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.

Continue Reading: House Insurance Cancellations to Be Prevented by Bill in Louisiana

Cheap Home Insurance and Consumer Rights Are Top Concerns

Tuesday, 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.

Continue Reading: Cheap Home Insurance and Consumer Rights Are Top Concerns

Home Insurance Companies in California Take Notice

Friday, 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.

Continue Reading: Home Insurance Companies in California Take Notice

Home Insurance Companies in Florida Got Rate Hike Requests

Tuesday, 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.

Continue Reading: Home Insurance Companies in Florida Got Rate Hike Requests

Home Insurance Quote – Get It from Listed Comparison Sites

Thursday, March 11th, 2010

You can now get a home insurance quote online quickly, but make sure you are getting it from a listed comparison website.

Continue Reading: Home Insurance Quote – Get It from Listed Comparison Sites

Get a Home Insurance Quote from Top Insurers in Your State

Wednesday, February 24th, 2010

Getting an insurance quote from the top insurers in your state ensures that you are getting reliable information and that you are giving your personal information to the right parties and not to fraudulent insurance businesses.

Continue Reading: Get a Home Insurance Quote from Top Insurers in Your State