Triple-I: Homeowners Insurance

JANUARY 13, 2025

The report highlights how interactions with contractors, public adjusters, and attorney involvement can significantly impact recovery timelines, claims frequency, and insurance costs. Only 30 percent are aware of premium savings for implementing mitigation measures. The online survey of over 1,500 respondents investigates U.S.

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Policyholder Claim Premium Risk 78

Triple-I: Homeowners Insurance

JUNE 26, 2024

Homeowners insurance premium growth in Florida has slowed since the state implemented legal system abuse reforms in 2022, according to a Triple-I analysis. As shown in the chart below, average annual premiums climbed sharply after 2020. In 2022, average homeowners premium rates rose more than 17 percent, to $3,040.

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Premium Property Insurance Claim Policyholder 52

Shield Insurance Agency

AUGUST 20, 2024

Shield Insurance Blog | Small Insurance Claims | Contact Our Sales Team! Small Insurance Claims Can Raise Premiums Small insurance claims, such as those for minor property damage, may seem like a hassle to deal with. However, filing small insurance claims can have long-term financial consequences.

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Insurance Claim Claim Protection Out-Of-Pocket 52

Triple-I: Homeowners Insurance

MAY 8, 2024

Legislative reforms put in place in 2022 and early 2023 to address legal system abuse and assignment-of-benefits claim fraud in Florida are beginning to help the state’s property/casualty insurance market recover from its crisis of recent years, according to a new Triple-I Issues Brief. With only 15 percent of U.S.

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Premium Insurance Insurer Insured 52

American Agents Alliance

FEBRUARY 7, 2025

This trend describes the phenomenon of unexpected rising insurance claim costs because of societal trends and views toward litigation. Unforeseen litigation costs can drive up the costs of claims unexpectedly and policyholders may feel they were not advised of their coverage adequately.

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Broker-Agent Risk Policyholder Agents 52

Property Insurance Centre

JULY 21, 2024

Our Claims Partner, Aspray, Wins Loss Assessor of the Year 2024 We are delighted but not surprised to announce that our claims partner, Aspray, has won the prestigious “Loss Assessor of the Year 2024” award at the British Claims Awards. Key Factors Behind Aspray’s Success 1.

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Claim Property Damage Building Property Insurance 52

Distinguished

MARCH 20, 2025

Even if some violations are eventually addressed, a history of non-compliance can still lead to higher premiums. Both resolved and unresolved violations can affect the terms, premiums, and overall coverage of these policies. Insurers view these violations as signs of deferred maintenance and increased risk.

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Broker License Insurance Broker Risk 52

Distinguished

MARCH 6, 2025

Even if some violations are eventually addressed, a history of non-compliance can still lead to higher premiums. Both resolved and unresolved violations can affect the terms, premiums, and overall coverage of these policies. Insurers view these violations as signs of deferred maintenance and increased risk.

Building 59

Building Damage Insurance Broker Underwriter 59

Distinguished

MARCH 19, 2025

Even if some violations are eventually addressed, a history of non-compliance can still lead to higher premiums. Both resolved and unresolved violations can affect the terms, premiums, and overall coverage of these policies. Insurers view these violations as signs of deferred maintenance and increased risk.

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Building Broker Damage Insurance Broker 52

Property Insurance Centre

MAY 17, 2024

The Insurance Act 2015 IMPORTANT INFORMATION – PLEASE READ Duty of Fair Presentation The Insurance Act 2015 imposes an obligation on all policyholders to “make a fair presentation of the risk” prior to the policy commencing. In other words, insurers can treat the policy as if it never existed, which would result in no claims being paid.

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Premium Insurance Insurer Insured 52

Bankers Insurance

MAY 16, 2024

The homeowners insurance market is complicated and dynamic, and many policyholders have experienced increased rates in recent years despite no changes to their coverage or claims filed. Even among typical homeowners policies, premiums likely increased year over year. Reduce liability risks. Reduce liability risks.

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Home Insurance Policyholder Insurance Insurer 52

Scott Insurance

JANUARY 31, 2024

has seen an increase in their homeowners insurance premium. According to Money.com , an independent publisher, recent year-over-year premium increases have averaged 20%, and policyholders should expect to see at least a 10-15% increase in 2024. What can you do to impact your homeowners premium?

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Premium Deductible Insurance Insurer 52

Property Insurance Centre

MARCH 19, 2024

Consumer education ensures that individuals are prepared and protected with the proper insurance coverage and are knowledgeable about the claims process. It empowers individuals to navigate the claims process effectively and avoid insurance scams. May experience difficulties and delays when making claims due to lack of understanding.

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Property Insurance Policyholder Insurance Insurer 52

R&R Insurance

SEPTEMBER 12, 2024

These rebates may be in the form of a premium credit or a lump-sum payment. of every $1 collected in premium (80% medical loss ratio or greater) for all of their small group plans in a specific State directly on claims and health promotion for the covered members.

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Premium Insurance Carrier Policyholder Broker 59

Distinguished

MARCH 21, 2025

Even if some violations are eventually addressed, a history of non-compliance can still lead to higher premiums. Both resolved and unresolved violations can affect the terms, premiums, and overall coverage of these policies. Insurers view these violations as signs of deferred maintenance and increased risk.

Building 52

Building Insurance Broker Broker Damage 52

American Agents Alliance

MARCH 3, 2025

New efficient processes and workflows for underwriting, claims, policy administration, billing, and customer service have been implemented across the industry. And if an AI model miscalculates premium, fails to include the right details, or misconstrues coverage guidelines, the agent could be held liable for the AIs faulty recommendation.

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Broker-Agent Broker Agents Risk 52

TGS

OCTOBER 30, 2024

Don’t Chase the Cheapest Premium—Focus on Coverage We’ve all been there: drawn to the lowest price, only to realize it wasn’t quite the bargain we thought. Sure, the premium—the amount you pay for the policy—matters. What’s more important is what that premium gets you. That could shave a nice chunk off your premium.

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Insurance Quotes Home Insurance Deductible Out-Of-Pocket 52

Property Insurance Centre

JANUARY 4, 2024

Inflation drives up property valuations , construction costs , and insurance premiums. This has resulted in higher premiums and limited coverage in catastrophe-exposed areas. The rising costs of building or repairing properties have a direct effect on insurance premiums.

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Property Insurance Commercial Property Liability Insurance 52

American Agents Alliance

DECEMBER 8, 2024

Driven by rapid advancements in technology, shifting risks, and increasing policyholder expectations, the industry will likely have different products and services by the time 2025 draws to a close. Parametric coverage is starting to transform claims and insurance programs in general.

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Broker-Agent Agents Broker Risk 40

InsuredMine

MAY 20, 2024

And get this some even let you pay as you go instead of heavy annual premiums. Limitations and Challenges Faced Through Traditional Insurance Model Traditional insurance operates on a principle of risk pooling, where many pay premiums to cover the potential claims of a few. However, it has significant limitations.

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Insurance Insurer Insured Premium 52

Property Insurance Centre

NOVEMBER 11, 2024

” or can’t get the insurance you deserve for that matter – insurance with reasonable premiums and without unnecessary restrictions. Let’s have a look at them… Don’t claim for everything – One thing insurers do not like, is a policyholder that claims over multiple times a year & for the smallest thing.

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Insurance Insurer Insured Premium 52

Jackson & Jackson

FEBRUARY 14, 2025

If you qualify, this benefit can offer you the peace of mind of not worrying about premium increases for the next three years. Erie Insurance Rate Lock is a benefit provided to policyholders who have had no tickets, accidents, or claims within the last three years. But what happens when that term ends?

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Premium Insurance Insurer Insured 40

Triple-I: Homeowners Insurance

DECEMBER 3, 2024

Opaque, ill-defined language empowers predatory “ billboard attorneys ” to define these terms themselves, contributing to pervasive policyholder distrust, said Jeff Sauls, Farmers Insurance head of legislative affairs. We want to pay claims as expeditiously as possible…. Clear communication is key, the participants agreed. court cases.

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Out-Of-Pocket Broker-Agent Premium Claim 64

Protect Commercial Insurance

OCTOBER 4, 2024

How Interest Rates Influence Insurance Costs Insurance premiums are sometimes indirectly influenced by interest rates. Here’s how: insurers rely on investment income to keep premiums competitive. When interest rates rise, the returns on these investments can increase, potentially affecting premium rates.

Property Insurance 52

Property Insurance Out-Of-Pocket Premium Insurance 52

American Agents Alliance

NOVEMBER 9, 2024

Independent P&C agents and brokers who reside and work in this region must also know how to help policyholders manage earthquake risk. Learn more about how agents can help their policyholders manage earthquake risk in this blog. This coverage gap means agents must educate policyholders to help ensure they have adequate protection.

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Protect Commercial Insurance

FEBRUARY 10, 2022

Key changes The new rules have brought some key changes to the way General Insurance works: Equivalent policy premiums should not be higher for existing customers than for new customers. During th e term of cover, at any time a policyholder may opt-out of auto-renew. Premium reductions? Premium increases?

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Premium Broker Commercial Insurance Commercial 52

Distinguished

MARCH 17, 2025

Even if some violations are eventually addressed, a history of non-compliance can still lead to higher premiums. These cases often focus on whether an insurer is required to cover damages when a policyholder has violated housing codes or other regulations. This trend could significantly impact landlords and property owners.

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Broker Insurance Broker Building Underwriter 52

Property Insurance Centre

SEPTEMBER 25, 2024

This might seem like an advantage since this saves cost initially, though it might lead to high premium costs later on. Define the maximum amount that you are willing to spend additional in the case of a claim. These can be added to your policy for an additional premium. . – Picking a low excess.

Building 52

Building Insurance Insurer Insured 52

QuickQuote

JULY 29, 2023

Since life insurance companies pay out multiple claims per year, you may wonder how life insurance companies make money if claims sometimes eclipse the amount earned in premiums. The answer is that life insurance company profitability is based on more than just the amount it earns in premiums.

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Life Insurance Insurance Companies Premium Insurance 40

Triple-I: Business Insurance

AUGUST 11, 2022

Combined ratio represents the difference between claims and expenses paid and premiums collected by insurers. Across most product lines, inflation, supply-chain disruptions, and geopolitical risk are expected to keep pushing insured losses and premium rates higher. “We We forecast 2022 P&C premium growth of 8.5

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Underwriter Underwriting Workers Compensation Premium 40

Smart Insurance Agents

SEPTEMBER 7, 2024

Adding a dependent to your health insurance usually involves additional costs, reflected in higher premiums for family plans. They can get health coverage under the plan of the policyholder. Dependents get the same or similar health benefits as the main policyholder. This group usually includes spouses and children.

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Policyholder Insurance Insurer Insured 52

Majesco

APRIL 25, 2024

It’s a double play—claims processed swiftly, premiums collected seamlessly, and customers satisfied. When a policyholder feels heard, when a claim is resolved swiftly, when premiums align with value—those are the grand slams insurers aim for. The ball never hits the dirt.

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Premium Underwriter Underwriting Claim 40

Property Insurance Centre

JANUARY 30, 2024

It’s essential to accurately determine the rebuild cost of the property and disclose any claims history. Key aspects to consider when buying buildings insurance include reviewing the policy’s exclusions , understanding excesses , comparing premiums, and evaluating the level of customer service provided by the insurer.

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Building Insurance Insurer Insured 52

Triple-I: Business Insurance

APRIL 24, 2023

Nearly $1 billion in lightning claims was paid out in 2018 to almost 78,000 policy holders, according to LPI. Several insurers offer premium discounts for policyholders who invest in lightning protection systems. Lightning strikes about a 100 times every second,” Harger said.

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Risk Business Interruption Damage Protection 52

American Agents Alliance

AUGUST 10, 2024

CCC recently released its second quarter Crash Course report that shares information about severe weather events and insights gleaned from its historical data about claims and repair costs. The Role of Agents Agents and brokers can help explain these pressures to policyholders who are concerned with rates or repair costs.

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Auto Insurance Broker-Agent Agents Policyholder 40

PSM Brokerage

DECEMBER 5, 2024

With decades of experience providing peace of mind to millions of policyholders, Allstate has created Medigap plans that offer comprehensive coverage, flexibility, and affordability. Competitive Rates : Budget-friendly premiums make these plans accessible for individuals seeking financial predictability in their healthcare expenses.

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Out-Of-Pocket Agents Policyholder Protection 52

Protect Commercial Insurance

DECEMBER 6, 2024

Additionally, expect insurers to reward companies that demonstrate environmental stewardship through lower premiums or specialised incentives. – Fraud Detection : AI’s capability to detect anomalies makes it a powerful tool against fraudulent claims. This predictive approach helps in preventing losses and minimising claims.

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