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The Hidden Cost of Insurance: Reinsurance Is Elevating Coverage Rates for Americans Everywhere | Insurify

A hidden insurance market is costing American homeowners and drivers dearly. It’s called reinsurance, and insurance companies buy this coverage to help them cover losses following catastrophic events. Yet many consumers haven’t heard of reinsurance — even if they’re indirectly paying for it. Insurance for insurers Climate catastrophes,

Texas Last-Resort Auto Insurer Set to Raise Rates 15% | Insurify

Texas drivers who get their auto insurance through the state’s insurer of last resort are going to pay more for coverage very soon. Earlier this month, Texas Insurance Commissioner Cassie Brown approved a proposal from the Texas Automobile Insurance Plan Association (TAIPA) to increase rates by 15% for passenger

Colorado Travel Insurance Regulations Take Effect | Insurify

Colorado residents may find their summer vacations a bit more relaxing this year. The state’s new regulations for travel insurance take effect Aug. 7. The Travel Insurance Model Act, signed into law by Gov. Jared Polis in April, applies to travel insurance that covers Colorado residents and any travel

Florida Counties Retain Federal Flood Insurance Discounts | Insurify

Pinellas, Estero, Cape Coral, Fort Myers Beach, and unincorporated Lee County are holding onto their National Flood Insurance Program (NFIP) discounts for now. Floridians pay some of the highest rates for flood insurance, at $958 annually. FEMA’s Community Rating System (CRS) program offers conditional discounts for NFIP policyholders in

Summer Road Trip States in 2024 | Insurify

A good road trip is hard to define. Some may prioritize scenic views or unique attractions, while others might have a stronger preference for affordability and safety. Insurify’s data team analyzed all 50 states, considering factors like road quality, the proportion of drivers with a driving violation on their

New York Moves to Regulate Pet Insurance Industry in the State | Insurify

New York pet owners may soon see a change in their pet insurance policies. Legislators recently passed a law that establishes industry standards in the state and gives New York’s Department of Financial Services oversight of the industry. The law requires pet insurers operating in New York to follow

Lightning Sparked $1.2 Billion in U.S. Home Insurance Claim Payouts in 2023 | Insurify

A flash of lightning can cause devastating damage and expensive repairs for insurers and homeowners alike, and new research shows such instances are getting more severe. Insurers paid out $1.2 billion across the country for lightning-caused home insurance claims in 2023, according to data from State Farm and