North Carolina Insurers Seek 17.7% Increase in Homeowners Rates

October 4, 2012Email ThisPrintNewslettersTweetArticle1 Comments

North Carolina homeowners could see their first rate increase in four years as the state’s rating bureau called for a statewide average 17.7 percent increase in loss cost rates.

The North Carolina Rate Bureau filed for the rate increase on behalf of all property insurers. If approved as filed, it would increase loss cost rates by 17.7 percent. That figure includes a homeowners’ rate hike of 17.4 percent, a rental rate increase of 30 percent and a 29.5 percent increase in condominium coverage.

Rate Bureau General Manager Ray Evans said the rate increase is needed due to several factors including the rise of reinsurance. He said reinsurance is a major concern for insurers such as the North Carolina Farm Bureau with a concentration of policies in the state.

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Calif. State Fund Board: Drop Rates 7%

October 5, 2012Email ThisPrintNewslettersTweetArticleComments

California’s State Compensation Insurance Fund’s board voted on Friday for a 7 percent decrease in its 2013 rates, a move that reflects State Fund’s anticipated savings from a workers’ compensation reform law set to take effect on Jan. 1, 2013.

The rate filing will apply to a rate filing that’s currently under review with the California Department of Insurance. This is State Fund’s first tiered rating plan.

When the review is complete State fund will revise its filing.

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Louisiana Citizens Personal Lines Rates Changes Effective June 1

May 10, 2012Email ThisPrintNewslettersTweetArticleComments

The Louisiana Department of Insurance has approved changes to the property insurance rate levels for personal lines policies written by Louisiana Citizens Property Insurance Corp. The approved rate changes are applicable to all new business and renewal policies effective June 1, 2012.

The approved revisions to the rates result in an overall increase of 10.8 percent for the FAIR Plan and 7.2 percent for the Coastal Plan policies.

The increase on a statewide basis is 10.5 percent.

An outline of the the rate level change by line of business and territory is available on the Louisiana Citizens website, http://www.lacitizens.com/RateLevelChanges.aspx.

The new rates were available for quoting April 2, 2012.

All policies effective on or after June 1, 2012 will be priced using the new rates, irrespective of when the quote was generated.

 

Email ThisPrintNewslettersTweetCategories: Texas / South Central NewsTopics: louisiana Citizens Property Insurance Corp., Personal Lines, RatesHave a hot lead? Email us at newsdesk

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MarketScout: Personal Lines Rates Up 1 Percent in April

By Staff Writer

May 9, 2012 • Reprints

NU Online News Service, May 9, 2:14 p.m. EDT

Personal-lines insurance rates were up 1 percent in April compared to the same month a year ago, according to MarketScout’s latest Market Barometer.

The rate increase is down from MarketScout’s personal-lines reports for March and February, which both showed 2 percent year-over-year increases.

Rates for homeowners insurance in April were up 1 percent—both for homes valued under $1 million and homes valued over $1 million. Auto rates were up 2 percent, and personal articles rates were up 1 percent.

MarketScout CEO Richard Kerr notes that, for homeowners rates, increases were far greater in wind-exposed areas. “We are carefully monitoring homeowners’ policies in coastal areas as we get closer to hurricane season,” Kerr says.

He adds, “Rates in wind-exposed areas are up 5 to 12 percent as many of the admitted markets are either restricting their capacity or requiring higher deductibles and wind mitigation constructions. The national composite homeowners’ rate is up only 1 percent because it includes millions of homes in locations that do not have catastrophe exposure.”

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How Does Credit History Affect Car Insurance Rates?

How Does Credit History Affect Car Insurance Rates?

How Does Credit History Affect Car Insurance Rates? Many personal car insurance companies consider your credit information when determining how much premium to charge for your insurance. So if you are calling around for new car insurance, keep in mind that many insurers are looking at your credit history to determine your car insurance rates. I hope that we will be able to let you know why and how they do this.

The reason that some insurance companies use credit information is because they feel there is a direct correlation between consumer's credit history behaviors and expected claims that may occur. Therefore, they feel that people with better credit behavior are less likely to severe insurance losses.

Many insurance companies still use your age, driving history, type of vehicle, where you live in determining how much you should pay for your insurance. Therefore, if you have not established a credit history yet, the companies that use credit history may not be best for you. They may not allow you to be eligible for certain discounts, which could result in higher premiums.

The companies that do use credit scoring will still use other factors in determining your premium. They will also use your age, driving history, type of vehicle, where you live in determining how much you should pay for your insurance.

Is it fair for an insurance company even look at my credit information without my permission? The answer is yes. The Federal Fair credit-reporting act says it’s OK to run a consumers credit for insurance purposes.

Some insurance companies will look directly at your actual credit reports when determining your rate, however most will use what is called an "insurance credit score." An insurance credit score is developed by using statistical techniques and methods to predict the likelihood a consumer will have a higher than anticipated losses. These are similar to what lenders use to predict the reliability of an applicant repaying a loan.

For Questions & Quotes Contact

Jason Shroot @ 714-988-3325

www.diversifiedinsurancequotes.com

jason@diversifiedinsurancequotes.com