Building a house and converting it into a home is a journey of love, dreams and hard work all combined. We build a house for our shelter, and make it comfortable according to our life style and concept. A home is not just the four walls of the construction, but it also includes the furniture that we might have collected over years, the arts and curious that is collected from many places as memoirs, etc. It is very important that we insure our home that has been built with so much of financial constraint and is not easy to rebuild again. Having an insurance covered means you are at least risk of financial loss due to any untoward incidence.
However there are two major insurance covers for home. Read all post…
Charlie Crist, Governor of Florida, has vetoed a reform bill that he said will make it too easy for home insurance companies to raise residential premium rates in the state. In a memo sent out by the governor, he stated that he was also concerned about the mitigation discount changes incorporated in the bill.
According to Crist, the mitigation changes will result in unfairly penalizing homeowners who already have exerted efforts to strengthen their houses against hurricanes. He further added that Florida homeowners should not be given additional problems by increasing their policy premiums, particularly with the economy being as difficult as it is. Read all post…
A situation might prove to be of interest to home insurance companies in California. According to reports, homeowner and auto insurance firm Mercury Insurance became the subject of a Market Conduct Examination by the state Department of Insurance.
The department has alleged that Mercury might have overcharged thousands of clients in the state for homeowners and auto insurance. This, according to reports, is a potential violation of California?s insurance statues.
The Market Conduct Exam covered the period March 1, 2007-May 31, 2007. According to the state insurance department, during the period examined, the company may have violated certain insurance codes which resulted in clients being denied insurance coverage or getting overcharged. Read all post…
03 Apr
Posted by Lisa Wilson as Home Insurance
Home insurance companies writing policies in Florida got their premium hike requests after the state Senate and House passed their versions of the home insurance rate increase bill in the middle of March.
The bill would allow home insurers to increase their premiums throughout the state by a total average of 33 percent over the next 3 years. The increase rate limit is 5 percent for the first year, 10 percent for the following year and 15 percent for the third year. The premiums can increase in certain areas by more than the average rate statewide.
According to supporters of the bill, the increase in rates would attract more insurance firms to write house insurance policies throughout the state and strengthen the Florida real estate insurance market. Read all post…