Insurance

Insurers had already doled out more than $12 billion to pay for wildfire damages as of early March, according to California state officials.

Slow repair cycle times, widespread premium increases and the volume of catastrophic events all contribute to dissatisfaction, according to the U.S. Property Claims Satisfaction Study from J.D. Power.

The federal district court order in Mississippi allows allegations of servicer responsibility for insurance shortcomings and excessive costs to proceed.

The top five insurance companies have an average homeowners market share of 9.15% as of December 31, 2024.

Digital Insurance spoke with Jonathan Collura, president and CEO of Specialty Risk RE, about how reinsurers could stabilize the home insurance market in areas affected by natural disasters.

The provisionally approved rate hike would provide financial relief to State Farm's California subsidiary, which has said it needs to shore up confidence with solvency regulators and ratings agencies.

The National Flood Insurance Program, estimated to cover over 4 million homeowners, is set to lapse next Friday along with the federal budget.

The jump, which represents an ICE Mortgage Technology survey high, reflects the past cost of natural disasters like hurricanes in the Southeast.

California leads the nation with over 1.5 million at-risk properties, but many threatened homes sit east including $68 billion worth of Florida real estate.

The rapid rise in the cost of both insurance coverage and taxes leaves close to half of homeowners worried about their ability to make payments.

Between the estimated damages in Los Angeles and rising home insurance prices, policyholders are left wondering how the market will fare in 2025.

As homeowners insurance becomes expensive and hard to find, mortgage loan officers should work closely with insurance agents, said Travis Hodges of Viu by Hub.

Ice storms, straight-line winds and tornadoes occur more frequently than hurricanes and earthquakes and those insurance claims can stack substantially.

Southeast homeowners affected by the storms last fall submitted a combined over 78,500 flood insurance claims to the National Flood Insurance Program.

Federal Reserve Chair Jerome Powell said insurance companies and banks are already pulling out of disaster-prone areas, which could pose problems.

The FEMA-operated program has over 4.7 million policies in force, and lawmakers have kept it intact via dozens of short-term extensions since 2017.

The nation's largest homeowners insurance providers imposed rate hikes in double-digit percentages last year, led by Farmers' 53.5% increase in Maryland.

The insurance market going into the Jan. 7 catastrophe already had been hit with non-renewals and cancellations -- and an overburdened state-supported insurance plan. A Morningstar analyst said the state insurance commissioner's reform strategy could have turned it around but now faces new obstacles.

When residents can finally return to see what's left of their homes, filing a claim and understanding the process could be challenging for many.

Financial profiles of borrowers in the coastal areas where insurance coverage is required vary significantly from at-risk homeowners inland, CFPB's analysis found.