(Under)Replacement Cost

 

 

Some homeowners who lost their homes in the Los Angeles wildfires have filed lawsuits against three large insurers over claims payouts they say didn’t cover their losses.  They say USAA and two AAA affiliated insurers underestimated the replacement cost of their homes and left them underinsured and without enough money to replace or rebuild their homes after the Jan. 7 wildfires.

 

Read More: Homeowners Suing USAA and AAA Insurers Over LA Wildfires

 

 

 

Delay, Defend, Deny

 

 

Insurance companies operating in Texas closed almost half the claims filed by homeowners last year without paying anything, part of a rising trend that is shifting more costs onto property owners, according to a new analysis.  Weiss Ratings, an independent rating agency, found that 47% of claims filed to the insurers were closed without payment. The rate has crept up steadily in recent years, from 35% in 2016, and is higher than the national rate of 42%.

 

Read More: Nearly half of Texas home insurance claims were closed without payment last year, analysis finds

 

 

 

Surprise - Florida Insurance Market Most Stable in US

 

 

Experts with the Insurance Information Institute shared Florida currently has the best insurance market seen in over a decade.

 

According to the group, Florida had the most stable property insurance rates in the country last year, with only a 1% increase, while most states saw double-digit increases in the same period.

 

Read More: Florida property insurance market most stable in a decade