Posts Tagged Home Insurance
Texas Department of Insurance has said in its financial reports, that the home insurance market had an average loss ratio of 67.3% in 2009. This is a much better year compared with the previous five years which had lots of hurricanes. After hurricane Ike in 2008 devastated the home insurance market in Texas, 2009 looked promising and solid.
This is good news at a time when many home insurers wanting to exit the market or raise the rate hikes in order to sustain in the market. As of now the ho
April 15, 2010
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In a surprising move State Farm has sued the Texas Department Of Insurance for making some of its proposals for insurance rate hikes public on the state agency's website.
State Farm says some of its proposal information is confidential and since Texas Department of Insurance has made them public, it would benefit the companies competitors. State Farm is particular about some documents related to reinsurance that would be of value to its competitors.
On the other side the state department
April 1, 2010
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Legislature's Property Insurance Deregulation bill is being debated though the Florida state governor Charlie Crist is not in favor of such a bill. Last year the governor vetoed the bill as it was proposing for complete deregulation of the major property insurance companies in Florida.
This year the revised bill seems to ask for 5% increase in the first year, 10% increase in the second year and 15% increase thereafter with no regulation whatsoever. This is deregulation in disguise.
The ar
March 27, 2010
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Citizens Property Insurance Corp., expecting an "above normal" hurricane season is planning to raise funds by selling $2 billion in tax-exempt bonds by the end of this week. Citizens is Florida government-owned which is a major player in the Florida market with around 22% market share.
It comes under the backdrop of forecasts for around 5 hurricanes to strike Florida during this year's hurricane season from June 1 to November 30. Citizens has benefited from the past 4 years of hurricane free
March 15, 2010
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State Farm has informed the Texas Department of Insurance that it plans to increase the Home Insurance rate by 4.5% on average. TDI has no other option other than requesting the State Farm to reconsider the decision keeping in mind the fact that State Farm has last increased the rate by 8.8% barely 8 months back.
It should be noted that State Farm has 30% of the Texas Home Insurance cover. Other Home Insurance companies will follow suite if State Farm doesn't reconsider the rate increase.
March 14, 2010
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