Tag #Insurance Crisis

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cnnespanol.cnn.com

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Jan 9, 22:10

California Wildfire Crisis: 2.8 Million Home Insurance Policies Canceled, New Regulations Raise Costs

Facing a wildfire crisis, California insurers canceled 2.8 million homeowner policies (2020-2022), forcing many into a state-run plan with higher premiums and less coverage; new regulations aim to improve access but could dramatically increase costs.

California Wildfire Crisis: 2.8 Million Home Insurance Policies Canceled, New Regulations Raise Costs

Facing a wildfire crisis, California insurers canceled 2.8 million homeowner policies (2020-2022), forcing many into a state-run plan with higher premiums and less coverage; new regulations aim to improve access but could dramatically increase costs.

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Reduced Inequality

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How do rising reinsurance costs and climate change contribute to the insurance crisis in California, and what are the broader implications?

The increasing threat of wildfires and reduced insurance coverage create a crisis for California homeowners. Insurers refuse new policies in high-risk areas, leaving many uninsured or relying on the expensive FAIR plan. This directly links to the broader issue of climate change and rising reinsurance costs.

apnews.com

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Dec 27, 10:07

Florida Condo Safety Law Increases Fees, Impacts Market

A new Florida condo safety law, enacted after the Surfside collapse, mandates higher reserve funds and inspections for buildings with three or more stories, leading to increased fees for condo owners, particularly in older buildings in South Florida, and impacting the condo market.

Florida Condo Safety Law Increases Fees, Impacts Market

A new Florida condo safety law, enacted after the Surfside collapse, mandates higher reserve funds and inspections for buildings with three or more stories, leading to increased fees for condo owners, particularly in older buildings in South Florida, and impacting the condo market.

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Sustainable Cities and Communities

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What is the immediate financial impact on Florida condo owners due to the new condo safety regulations?

Following a 2022 Florida law spurred by the Surfside condo collapse, condo associations now face higher costs for reserve funds and building inspections. Older condos, predominantly in South Florida, are experiencing the most significant fee increases. This impacts residents financially, especially retirees on fixed incomes.

themarker.com

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Jan 1, 19:08

California's New Insurance Reform Addresses Wildfire Crisis

California's Department of Insurance implemented the Sustainable Insurance Strategy to address the state's fire insurance crisis, allowing insurers to use new wildfire risk models for pricing and pass reinsurance costs to customers, aiming to increase insurance availability in high-risk areas.

California's New Insurance Reform Addresses Wildfire Crisis

California's Department of Insurance implemented the Sustainable Insurance Strategy to address the state's fire insurance crisis, allowing insurers to use new wildfire risk models for pricing and pass reinsurance costs to customers, aiming to increase insurance availability in high-risk areas.

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Climate Action

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What immediate impact will California's Sustainable Insurance Strategy have on homeowners in high-risk fire zones?

California's Department of Insurance announced a regulatory reform, the Sustainable Insurance Strategy, to address the state's insurance crisis caused by insurers refusing fire insurance due to widespread wildfires. The reform lets insurers use new wildfire models for rates and allows them to pass on reinsurance costs to customers, a practice previously prohibited in California.

Showing 13 to 15 of 15 results