All Articles Tagged "homeowner’s insurance"
(Washington Examiner) — Hundreds of Washington-area residents are shelling out thousands of dollars to repair earthquake damage to their homes and businesses, with less than 5 percent of East Coast homeowners carrying quake insurance. But even the insured are likely paying out of pocket for damages from Tuesday’s earthquake, which measured 5.8 on the Richter scale, because quake insurance carries such a high deductible, according to insurance agents.
(Smart Money) — Already plagued by stubbornly low home prices, homeowners soon may be facing another blow: rising insurance premiums. After five years of relatively stable premiums, some of the country’s biggest insurers have raised rates or say they plan to. Premiums vary by state, but last year, State Farm Mutual Automobile Insurance Co. says it increased homeowners rates 7.3% on average and, this year, has raised them in 18 states, including a few by more than 7%. By contrast, it cut rates in just two states. In Florida, upscale insurer PURE Risk Management raised premiums 11% this year. Fireman’s Fund Insurance Co., a subsidiary of Allianz (ALV.XE) SE, says it has started to raise premiums in some areas. For some Pennsylvania homeowners, premiums shot up 33% last year.
(Smart Money) — With hurricane season and wild fires raging, gaps in basic homeowner policies are becoming more evident. Most policies cover a limited amount in damages caused to personal possessions and some even have caps on the amount they’ll pay if the home is destroyed—and they’re typically far less than the cost to rebuild or buy new.