homeowners insurance News

Houston Set for Dangerous Heat as Power Outages Top 2 Million

Houston is set for a dangerous bout of heat as more than 2 million homes and businesses remain without power in the area around the nation’s fourth-largest city after Hurricane Beryl’s battering. The region is under a heat advisory, with …

State Farm Seeking Large Rate Increases in Wildfire-Prone California

State Farm has applied for large rate increases in California, a year after the carrier got rate approvals of 7% and 20%—adding fuel to a burning homeowners crisis in a state that’s seen an increasing number of carriers pullback or …

U.S. P/C Underwriting Results: Two Years in a Row Over $20 Billion in the Red

For the second year in a row, the U.S. property/casualty industry booked an underwriting loss of more than $20 billion primarily due to the lackluster performance of personal auto and home insurance lines. The total U.S. P/C underwriting loss in …

U.S. Home Insurance Still Priced Too Low for Climate Risk, Says Swiss Re Chair

This has been a year of insurance sticker shock in the US. But the man who provides insurance to insurers thinks maybe the shock still isn’t enough to steer people away from risk in a changing climate. “There is not …

Allstate, Nationwide Post Dramatic First Quarter Homeowners Loss Ratio Drops

In the topsy-turvy world of homeowners insurance, first-quarter loss ratios have been bouncing around for the last five years—from below 50 in 2020 to over 70 in 2021 and 2023, a new analysis shows. The S&P Global Market Intelligence analysis …

As Rates Rise, Majority of Homeowners Say Insurance Industry Is in Crisis, Survey Shows

Homeowners are cutting back on dining out, travel, groceries and even medication to afford their soaring property insurance premiums. One in 10 are considering relocating to an area with lower premiums. Within the last five years, homeowners’ insurance premiums have …

The Problem(s) With Hail Claims – Part 2

Read the first part in this series, The Problem(s) With Hail Claims, Part 1: A Cautionary Tale for Insureds and Insurers. In last month’s column, we began our examination of hail and windstorm claims issues by focusing on the pervasive …

Report: 1K-Plus Properties Damaged, Destroyed in New Mexico Wildfires Could Cost $370M

More than 1,000 residential properties in New Mexico may have been damaged or destroyed by wildfires in New Mexico, according to property data firm CoreLogic. “Multiple, active wildfires in south-central New Mexico potentially impacted approximately 1,300 residential properties with a …

FEMA Ready for Extreme Hurricanes and Wildfires, But Money is a Concern

The head of the Homeland Security Department said that the agency tasked with responding to disasters across the country is prepared as it goes into what is expected to be an intense hurricane and wildfire season but he’s concerned about …

Experts Answer: ‘Is’ is More Than Just a Verb in a Policy

Claims Journal is launching a new feature in which we solicit questions from our claims and insurance professional readers and then have experts answer them. This is the first article in that series. If you have a question you’d like …