Kentucky Farm Bureau Insurance’s Post

Rampant wildfires in California have led one major insurer to limit how many homes it is willing to insure in California. The decision fits into a growing trend of insurers pulling out of areas that are especially affected by the changing weather patterns that have resulted from human-caused pollution. The Hartford Financial Services Group said that, starting in February, it will no longer offer new policies to California homeowners. The company accounts for less than 1% of the state's homeowner policies, but in a state the size of California (population: 39 million) that's still a lot of people. State Farm, the largest insurance provider in California, recently announced that it would not be renewing coverage for approximately 72,000 homes and apartments. Farmers Insurance joined several other companies recently in pulling out of Florida, which has been hit hard by destructive hurricanes and storms. #insurance #underwriting #insuranceindustry #reinsurance https://lnkd.in/e8WdMecQ

Some years back I worked with MyStrongHome Insurance to see if we could promote more homeowners getting the stronger, more storm resilient Fortified roofs. The missing piece was getting the state and local municipalities to invest in it. It's great to see the kind of results that Alabama has achieved through its program, and even better that Louisiana now has its own grant program. #fortified #roofing #homeownership #homeownersinsurance

We keep seeing that it’s a failure of imagination. Western homeowners can’t get their heads around how wildfire eats up their home. Embers fly into their community, land close to homes, start small spot fires close to structures, and then the dominos start falling. Homeowners can get started by taking the science-backed steps in the Insurance Institute for Business & Home Safety - IBHS‘s Wildfire Prepared Home program. Emily Flitter of The New York Times discusses the necessary shift in mindset to build wildfire-resilient communities – including actions by property owners and the construction and insurance industries. https://nyti.ms/3W12DDT

The vast majority of people, including insurance professionals do NOT understand how impactful reinsurance is to the insurance markets...especially in CAT prone areas. Having had hundreds of conversations with reinsurance professionals and execs over the years you could see the train wreck coming. Reinsurers have gotten increasingly frustrated with: 👉 The inability of carriers to get rate commensurate with the CAT risk they were taking 👉 The inability of insurers to manage their concentration aggregates to minimize large single event losses 👉 The lethargy of regulatory bodies to act faster to adjudicate rate setting 👉 The lethargy of regulatory bodies to act faster to stop litigation abuse

Summer is roofing season in Minnesota leaving homes look like they’ve been bit by a dragon. This year is no different. Insurance companies got hit hard last year with 32 tornados in northern Mn, and we are all paying for both Florida, California, and now Iowa. Some insurance companies are leaving the state, and others are hiking premiums, policies are changing. Roofers who knock on your door offering to negotiate with your insurance company to replace your roof, but they probably can’t. Most companies will not replace a roof over 10 years old, they pay for patching. Here’s the problem, a company that patches a portion of the roof is responsible for the whole roof. No reliable roofing company will patch. The other problem with door to door roofers is that they upcharge for extras that cost more than the roof. Say no, or at least get a bid from another company. #roofingseason #insurancepolicies #roofreplacement #roof #repairandmaintenance #homemaitenance #repair #roofing #homerepair #home #housing

Rockingham Insurance has been serving farm owners for over a century and a half, so we know that some of the best things have been around the longest. That's why we proudly offer a variety of coverage options for older buildings or dwellings. Your history is valuable, and so is your coverage. Trust in the legacy of Rockingham Farmowners PLUS for farm protection that stands the test of time. #LegacyProtection #GenerationalFarmers #FarmFamily #Heritage #TimelessProtection #FarmInsurance #VirginiaInsurance #VirginiaFarmInsurance #Insurance

Don’t Be a Loser! Let Mark Phillips, Founder/Publisher, Claims GPS, show you through this innovative case study how the insured can face error and omissions liabilities for directors and officers due to lack of preparation for recovery under their commercial insurance policy.

Wharton Professor of Real Estate Ben Keys joined MSNBC Primetime to talk about Farmers Insurance leaving Florida, the 4th major insurance company to do so. https://whr.tn/44SlZh7 With over 12 disasters marked this year with over $1B in damages each and the cost of rebuilding increasing, Florida is becoming too risky for insurance companies to offer policies there, he shared. He said, “Who’s going to bear those risks going forward?” Either the risks of living there will have to continue to be subsidized or people who live there will have to cover costs of storm damage. #climatechange #property #Florida

As Florida homeowners face soaring insurance premiums, some are opting to forgo property insurance, despite the state's vulnerability to hurricanes. This decision, driven by cost-saving motives, could lead to severe financial consequences in the event of a disaster. Without insurance coverage, homeowners would bear the full burden of expenses like debris removal, rebuilding, and finding temporary housing, which could easily exceed the property's value. Read more about it here: https://lnkd.in/gG7SUtBH

🌪️🏡 Wondering why homeowner's insurance is soaring in Florida? Here's the scoop! 🌴 🔥 It's no secret that Florida's weather can be unpredictable, and that plays a big role in high insurance rates. But guess what? You can still find a great deal! 💼 Consider this: With the recent rise in public adjusters and homeowner-insurer disputes, lawsuits have become more common. To make things fairer, new rules will cap payouts via attorneys for insurance claims. ⏰ Another change on the horizon: The window for hurricane claims will shrink from 3 years to just 1 year. 🌟 To get the best deal, you've got to shop around. Reach out to me, and I'll connect you with a reliable insurance broker who can get you at least 3 quotes. Let's save you some bucks! 💰 Top 3 insurers in South Florida: 1. Citizens 2. John Galt 3. Kin Insurance #knowledgeispower #realestate #luxury #homedecor #home #realtor #southflorida #florida