Insurance

As part of its opposition to a proposed rate increase by State Farm, Consumer Watchdog criticizes a reinsurance deal as more expensive than paying wildfire claims.

Mortgage professionals are focusing on housing policies and the Federal Reserve this November.

Losses related to natural disasters and other perils rose for the seventh year, and that costs both insurers and consumers more money, LexisNexis said.

As this year's natural disasters bring heightened attention to the cost and availability of homeowners insurance, servicers often find themselves caught in the middle when customers see premium hikes.

Flood maps, which designate areas where mortgage borrowers must buy policies are often out of date and don't focus on the danger of rain-caused issues.

Over 4 million residents in the region, both coastal and inland, face dangers similar to residents in Hurricane-weary Florida, Louisiana and Texas.

The incidence of at least four flood insurance payouts totaling $20,000-plus, or at least two totaling more than the building's market value, is growing.

The disaster underscores Americans' dangerously low levels of flood insurance coverage, especially away from coastal areas. 

The 13 largest homeowners insurance underwriters denied almost half of their climate-related claims last year, adding to property owner and mortgage servicer woes.

The program lapsing would've precluded mortgage applicants from closing on home loans without the required coverage in federally designated flood zones.