Free Republic

Soaring home insurance premiums in Florida are putting residents under unbearable financial pressure, with many telling Newsweek that they are considering leaving the state or moving somewhere cheaper within Florida. The state has currently the most expensive home insurance premiums in the country, according to a recent report by the Insurance Information Institute. Residents are currently paying on average more than $4,200 per year compared to the national average of $1,700, according to data from Triple I. While this is due in part to the increased risk of devastating weather events like hurricanes, other factors—including an excess of litigation and...

In yet another ominous sign, consumers are being pushed to the financial brink, leading some to abandon homeowner insurance due to soaring premiums. Without this coverage, homeowners are left vulnerable to fires, burst pipes, theft, vandalism, and windstorms. "Some skipping insurance say they are doing so because they can no longer afford the rising premiums," said The Wall Street Journal. New Bankrate data shows insurance on a $250,000 home jumped to $1,428 annually, up 20% from 2022. That's about a $119 monthly payment. Amy Bach, executive director at United Policyholders, a national nonprofit insurance consumer-advocacy group, said an increasing number...

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ABC7 previously reported how State Farm Insurance stopped selling new homeowner policies in California last Saturday -- now a second major carrier, Allstate Insurance, confirmed today it ended new home policies in the state last year. On top of that, sources tell ABC7 a third carrier, Farmers Insurance, is limiting policies for new customers. The exodus comes as wildfire season looms ahead. It's hard not to worry. But all three companies say they are still serving existing customers, and there are more than 100 other insurance companies still issuing new homeowner policies. However, after relentless wildfires of the past...

California's wildfires are getting deadlier and more destructive each year. Naturally then, state politicians want to make it easier to get insurance in fire-prone areas. On Tuesday, Assemblymembers Lorena Gonzalez (D–San Diego) and Monique Limon (D–Santa Barbara) introduced Assembly Bill (A.B.) 2367. Their "Renew California" bill would require that insurance companies write new policies or indefinitely renew current ones for existing homes provided they meet yet-to-be-determined state standards for fire-hardening. Roughly one million homes in wildfire-affected areas are already covered by a one-year moratorium on non-renewals issued by the state's elected insurance commissioner, Ricardo Lara, in December 2019. Lara has...

Home sales are slowing in wildfire-prone areas of California as insurers retreat from high-risk regions, say real-estate agents and homeowners. Insurance companies have continued to reduce their wildfire exposure in the past two years after paying more than $24 billion for California wildfire losses in 2017 and 2018. Home insurers have declined to renew policies for tens of thousands of homeowners across the state, and regulators expect more nonrenewals in the coming months. Real-estate agents say potential buyers are having difficulty obtaining insurance and are backing out of purchases or lowering their offers after realizing how much insurance would cost,...

Responding to several years of unprecedented fires across California, regulators on Thursday imposed a one-year moratorium banning insurers from dropping policies for homeowners in wildfire-ravaged areas of the state. The move comes amid an exodus of some insurers in communities hard hit by fires, forcing some homeowners to take plans that provide less coverage, sometimes at higher premiums. Some have had to go without insurance altogether. “I have heard the same story again and again. People getting dropped by their insurance after decades,” California Insurance Commissioner Ricardo Lara said. “To add insult to injury, many struggle to find coverage.” Though...

siding back on the. When the crew was here, they noticed a lower ding on the siding and asked me if I wanted to have it caulked. I said yes (husband wasn't home) and it was no big deal as it's hidden behind the AC unit and behind a shrub. No one ever sees that area. Well, the insurance adjuster did. To boil it down, he said they would only pay to reside the front and back of the house as the caulk job showed we will accept some damage. The problem is our siding is likely discontinued. It will...

Allstate, State Farm, Liberty Mutual and more. This is the biggest scam in America today in my opinion. 10 Worst Insurance companies.

GULFPORT, Miss. - A federal judge on Friday refused to throw out a lawsuit that a couple filed against Allstate Insurance Co. after the insurer refused to cover damage to their home from Hurricane Katrina. The lawsuit, filed by Elmer and Alexa Buente of Gulfport, is one of many spawned by a fierce debate over whether Gulf Coast homes were destroyed by the Aug. 29 hurricane's wind or water. U.S. District Judge L.T. Senter Jr., said the question of how much damage to the couple's home was caused by wind and water is a "fact-specific" inquiry that must be decided...

"....."I called my independent agent in town. They said they couldn't find anyone to write it. She (the agent) said I would love to help you, but nobody's going to write you a policy with an open claim." Robin and Jim Lucas of Luling spent $30,000 fixing up the house her grandfather built in 1946. But last year, a leaking pipe caused substantial water and mold damage. The Lucases say their insurance company, State Farm, responded promptly to their claim and has paid them more than $300,000 for damage to the house, contents and additional living expenses. When they totaled...