Homeowners insurance

Rising labor and material costs could weigh on final expenses, despite a slower summer for hurricane and tornado claims, according to Verisk.

The hidden costs of homeownership total nearly $16,000, rising 4.7% in the past year.

Of the 15 states most affected by natural disasters, California and Florida had the highest non-renewal rates in 2024, a Weiss Ratings study found.

Jerry Halbrook, who also held key roles at a number of mortgage lenders like Pennymac and Nexstar, has been named president and COO of Covered Insurance.

Consumers are so concerned about rising costs that they often forego coverage altogether, according to two separate studies from Valuepenguin and Realtor.com.

Premiums for property insurance have risen over 69% since 2019, far outpacing other components of the monthly mortgage payment, ICE Mortgage Technology found.

The new affiliate, NAF Insurance Services, is teaming up with The Baldwin Group to offer a range of coverage from more than 50 carriers nationwide.

Gen Z and Millennial homeowners also face unexpected expenses after closing, underscoring need for more education on the part of mortgage professionals.

More powerful storms and pricier building costs are behind the increases in premiums, said the report's authors.

States warn that eliminating the BRIC program could leave rural areas vulnerable to extreme weather.

The state forecasts eroding coastlines will endanger $18 billion of existing homes and commercial buildings in the coming decades.

While attention traditionally focuses on damage to coastal markets, the economic effects stretch into "safer" communities nationwide, according to Cotality.

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.

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.