Posts Tagged ‘insurance’

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Farmers to Raise Homeowners Rates in Texas

October 12th, 2011 by Iris | Comments Off | Filed in homeowners insurance, insurance news

The Dallas Morning News is reporting that Farmers Insurance is planning to raise the rates on homeowners insurance and Texas by almost ten percent in 2012. The rate increase will affect about half of the company’s policy holders in the Lone Star State.

Specifically, about 350,000 homeowners who currently have either Texas Family or Next Generation Home Policies through Farmers will see higher rates, which are set to take effect on March 16th. The last rate hike on Farmers homeowners policies was an increase of 3.9 percent in March, 2011.

Speaking on behalf of the insurance company, vice president and executive director for Farmers in North Texas explained that the higher rates are required in order to offset the fact that claims in Texas tend to be more expensive.

The rate increase was filed with the state insurance department on October 7th.

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Missouri Enacts 2 New Insurance Laws

September 20th, 2011 by Iris | Comments Off | Filed in flood insurance, homeowners insurance, hurricane insurance, tornado insurance

Two new insurance laws went into effect last Friday in Missouri, both of which provide stronger protection for homeowners in the the Show-Me state.

The first law, Senate Bill 101, bars exterior repair contractors, like roofing and siding companies, from offering to cover a prospective client’s insurance deductible in order to make a sale, and also prohibits such companies from negotiating with insurance companies on an insured homeowner’s behalf.

The other law, Senate Bill 132, allows insurance companies to legally set up mobile service centers in storm-damaged areas, to make it easier for affected policyholders to file claims. Under the terms of this law, counties, cities, and other political subdivisions may not restrict insurers from establishing temporary operations. Previously, there were cases where cities and other municipalities wanted new business licenses before mobile service centers were allowed to operate after a weather-related disaster.

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Friday FilmStrip: Insurance and College Students

August 26th, 2011 by Iris | Comments Off | Filed in advice and how-tos, auto insurance, friday filmstrips, health insurance

School children around the country were back in the classroom earlier this week, which means if your college student hasn’t already gone back to school (or gone for the first time) he or she will be leaving soon.

When getting your college student ready to go, don’t overlook the insurance. This video gives you an idea of the insurance considerations for college students. Enjoy!

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Homeowners Insurance and Swimming Pools

July 26th, 2011 by Iris | Comments Off | Filed in homeowners insurance, insurance facts

Swimming Pool

Whether your home already has a pool, or you’re considering having one installed, there are certain things you need to know about how a swimming pool could affect your homeowners insurance.

  • Contact your insurance company to discuss the cost of insurance with a pool, and be sure to ask if there are ways to save money by incorporating specific safety features, like fences and ladders into your pool’s design. If your yard is not surrounded by a fence, you’ll probably be required to install a pool fence, but if you have small children, this is a good idea, anyway.
  • On most homeowners insurance policies, swimming pools are covered under the “other structures” section. You’ll need to calculate the coverage for all the “other structures” on your property, and increase your coverage if your separate structures and your pool are valued at a higher amount than your existing coverage.
  • Having a swimming pool may mean that you have to increase your liability coverage, since pools increase the likelihood of injuries and accidents, and the risk of lawsuits.
  • If you have a home warranty, add the pool to your warranty. It will usually only cover the pool itself, and the filter system – not any vacuums or water features (like fountains or misters), but it can save you tons of money if something goes wrong.
  • Always take care of your pool, following a professional’s advice for everything from the chemicals that keep the water clean, to filter maintenance, to proper over-wintering procedures (in most places, it’s actually better to leave water in your pool over the winter, but if you live in a place where hard freezes are common, that may not be true). Be aware that damage from winter weather is usually not covered.
  • Practice safe pool use to minimize injuries and accidents. No glass near the pool deck, no running on wet surfaces, and no diving in water less than ten feet deep. Also, be aware that if a neighborhood child sneaks a swim while you’re away, you may still be liable, so re-read the parts about fences and liability coverage.

Having a pool increases the value of your home, and makes it easier to beat the heat in summer, but having adequate homeowners insurance to cover the pool is essential.

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Aetna Suspends Rate Hike in California

April 28th, 2011 by Iris | Comments Off | Filed in health insurance, rate watch

Following in the footsteps of Anthem Blue Shield and PacifiCare, Aetna Inc. has become the third major health insurance company in California to announce that it was stepping back from its proposed rate increase there. Now, instead of roughly 43,000 Aetna policyholders being handed a rate hike of 17.9%, their insurance will go up only 12.2%. This decision came after the insurer agreed to postpone any increase to July 1, in response to a request from Dave Jones, the California Insurance Commissioner.

The reduced rate increase will likely save Aetna’s policy holders $6.7 million in premiums, and, according to Mr. Jones, the sixty-day delay added another $1 million to that savings.

Aetna isn’t reducing its rate increase without protest, however. The insurance company maintains that the rising cost of medical care is necessitating an increase in health insurance costs, and that a limit on the company’s ability to raise rates could be detrimental to its future. Addressing this in a statement, a representative of the company wrote, “Long term, our financial viability in the individual health insurance market in California could be impacted by the inability to implement rates which adequately address the rising cost of health care services in the state.”

Commissioner Jones also made a statement about Aetna, saying, “Aetna policyholders will benefit from Aetna’s decision to lower their proposed July 1 rate increase. Aetna has agreed to a reduction of their most recent increase, but Californians have experienced unsustainable health insurance increases year after year and they want me to have the authority to reject excessive rate increases. A.B. 52, which would give me that authority, passed out of the Assembly Health Committee this week.”

The announcement from Aetna represents the latest success in Jones’s push to expand the regulatory role of his office in the health insurance market.

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Friday Filmstrip (on Monday): Insurance and Funding College

April 25th, 2011 by Iris | Comments Off | Filed in advice and how-tos, friday filmstrips

State Farm Insurance used to have a web series called the MommyCast. While it’s a bit cutesy, the information in the videos is good. Today, we’re sharing an extra video, all about using insurance to fund college.

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Buzz: What Today’s Woman Needs to Know and Do

March 30th, 2011 by Iris | Comments Off | Filed in advice and how-tos, insurance news, insurance specialists, women and insurance

Even though all Americans are living longer, women still tend to outlive their husbands, or not marry at all, which means they need to be active in their retirement planning before finances in their golden years become an issue.

To help with that, the MetLife Mature Market Institute has partnered with WISER (Women’s Institute for a Secure Retirement) to offer a comprehensive free publication called What Today’s Woman Needs to Know and Do: the New Retirement Journey. It’s available for download from the Mature Market Institute.

The publication speaks to the different challenges that women face as they mature and offers assistance with financial planning issues, with such tools as a Retirement Savings and Planning Checklist for every decade of a woman’s life, with guidelines for women from age 20 through their 70s. There’s also a glossary to define common financial terms, as well as other resources.

According to data from a MetLife Mature Market Institute study, financial planning is a major issue for the modern woman, especially since women still earn less than men, with 62% of career women expressing concern that they may never have enough money to retire.

Explains Sandra Timmermann, Ed.D., the director of the MetLife Mature Market Institute, “While women today have more economic opportunity than ever before, they also have a great deal more financial responsibility. Compared to previous generations of women who likely had a pension [theirs or their husband’s) and a deed to their mortgage-free home, many of today’s women are less prepared. They may now have a 401(k), 403(b) and/or IRA savings, a Social Security benefit and Medicare benefits, but they may not have pensions and private health care coverage. Many are likely to have a mortgage or other debt. New approaches are, therefore, required.”

No matter how old you are, this publication is worth checking out.

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