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Michigan Warns Car Insurers: Price Fairly or Face Penalties | Insurify

Engage in price optimization and face fines and other penalties. That’s the message from the Michigan Department of Insurance and Financial Services to insurers statewide. “When we see a failure to abide by the Insurance Code, we refer those cases for investigation and possible enforcement action,” Laura Hall, director

Flood Payouts to Rhode Island Homeowners Were 417 Times Higher in 2023 | Insurify

Severe flooding caused the National Flood Insurance Program (NFIP) to pay out $4.6 million to Rhode Island homeowners in 2023, findings show. That figure is 417 times higher than the $11,000 paid for flood claims in the state in 2019. Rhode Island experienced more than 50 major flood

Connecticut Regulators Rap Insurers for Dropping Home Policies Over Roof Stains | Insurify

The Connecticut Insurance Department recently reminded homeowners insurance companies in the state that looks aren’t everything — especially when it comes to roofs. In a March 19 notice, the department warned insurance companies that they can’t use cosmetic roof conditions, like streaking or discoloration, as justification for refusing to

State Farm to Drop 72,000 Home, Landlord Policies in California | Insurify

California’s home insurance market took another hit on March 20, when State Farm, the largest home insurer in the state, announced it won’t renew about 30,000 homeowners policies and 42,000 landlord policies beginning July 3. State Farm stopped writing new home policies in California in May

What It Would Really Take for U.S. Drivers to Go Fully Electric | Insurify

Key takeaways * Under new Environmental Protection Agency (EPA) emission standards, a projected 56% of new vehicle sales will be electric by 2032. Electric vehicle (EV) sales accounted for less than 8% of sales in 2023, according to Cox Automotive. * Car insurance for EVs costs about 20% more than for traditional

Florida Snagged Two-Thirds of National Flood Insurance Payouts in 2023 | Insurify

The National Flood Insurance Program (NFIP) paid out $913 million to U.S. homeowners last year, and $629 million of that went to residents in Florida. Major flooding from hurricanes and storm surges caused most of the payouts. The Federal Emergency Management Agency (FEMA) oversees the NFIP, which is primarily

The Most and Least Climate-Resilient Cities for Homeowners | Insurify

Once relatively foreseeable, the cost of homeownership is becoming harder for homeowners to predict as insurance premiums increase. Insurify projects a 6% increase in U.S. home insurance rates by the end of 2024 — but homeowners in states with high climate risks, like Louisiana and South Carolina, could see double-