Insurance

Californians have paid relatively less for coverage than homeowners in the storm-stricken Midwest and Southeast regions, according to Intercontinental Exchange.

The National Flood Insurance Program has been kept alive with short-term authorizations since 2017. Flood risk data and increased use could strengthen it.

The California FAIR Plan Association, already vulnerable financially, will likely need an assessment of insurers or policyholders as a rescue measure, according to experts.

Verisk and Moody's are the first two modeling companies to submit their models to the California Department of Insurance. A Verisk executive explained the functioning of their model and what insurers' options are.

A trio of blazes in SoCal have destroyed over 2,000 homes and structures in neighborhoods with average property values well above the national average.

Fifteen percent of residences had three or more structures, which can go undetected by insurers even when they identify a secondary structure.

American Forestry, a non-profit conservation group, partners with Travelers to promote proactive fire prevention methods for homeowners.

The average surplus premium to protect property this year was roughly $46,000 in the wealthy enclave and the situation is only likely to worsen as climate change ups the odds of destructive wildfires.

Homeowners in areas affected by Hurricane Sandy have already seen growth in their property values lag behind the national median.

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Flood maps, which designate areas where mortgage borrowers must buy policies are often out of date and don't focus on the danger of rain-caused issues.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

Awareness of disaster risk has increased in the public and private sectors, and it appears to be prompting more interest in home improvements in particular.