The exodus of some insurers from states badly affected by catastrophic climate-related events represents an opportunity for the carriers that remain, but comes with a need to understand the potential effect it has on customer perceptions, according to the J.D. Power 2023 U.S. Home Insurance Study.
Ten states -- Louisiana, Florida, Idaho, Kentucky, Mississippi, Montana, North Dakota, South Carolina, Texas, and Virginia -- as well as additional plaintiffs, are suing the Federal Emergency Management Agency (FEMA) over its new methodology for pricing flood insurance, Risk Rating 2.0.
Millions of American homeowners are confronting a growing financial dilemma as climate change-driven wildfires and floods push their home insurance rates to unprecedented levels. The situation is compounded when insurers decide to withdraw coverage.
Increases in federal flood insurance premiums that are projected to surpass 700% over the coming years are already leading people to back out of home purchases and will likely lead to an exodus of residents and businesses from southern Louisiana, officials told a federal judge Thursday in New Orleans.
Florida and other states are trying to fend off an attempt by the Biden administration to end a lawsuit challenging changes to the National Flood Insurance Program that have led to higher premiums for many property owners.
An insurance adjuster from Texas was sentenced to 20 years in prison for pocketing more than $200,000 in insurance payouts meant for St. Charles Parish residents who filed claims to repair damage to their property following Hurricane Ida, according to the St. Charles Parish District Attorney’s Office.
One of the largest wildfires in Louisiana history is continuing to spread and threaten rural communities. The Tiger Island Fire, which started about five miles east of the Texas state line, doubled in size over the weekend, growing to more than 33,000 acres -- accounting for more acres of burned land than the state usually has in an entire year.
Nearly four years after the catastrophic collapse of the Hard Rock Hotel in Downtown New Orleans in October 2019, settlement negotiations begin for the families of the victims.
As the one-year anniversary of Hurricane Ida approaches, Louisiana Insurance Commissioner Jim Donelon has issued a reminder about the approaching deadline for initiating legal proceedings against insurance providers.
Federal prosecutors have secured charges against five more people in an alleged years-long scheme to crash cars into big rigs and buses on New Orleans freeways for millions in insurance money.
When Hurricane Laura hit Lake Charles in August 2020, Aaron Sonnier’s roof was badly damaged. He was lucky: his insurance company quickly paid for repairs. But when he started noticing more damage to the house in the following months, things got messy.
South Louisiana homeowners are increasingly seeking compensation from the Louisiana Insurance Guaranty Association (LIGA) after a series of financial difficulties led a dozen insurers to enter receivership over the past 18 months. With approximately 40,000 unsettled claims left in their wake, homeowners are eager for resolution and payment.
From 2020 through 2022, the highest number of insurance cases in the U.S. were filed in the Western District of Louisiana, according to a new report from LexisNexis company Lex Machina.
Floods pose a severe threat to communities across the United States, causing extensive property damage and potential risks to human life. Recognizing the importance of identifying flood-prone cities, Insurify developed a flood risk score, taking into account FEMA’s risk scores for coastal and river flooding, population data, average home insurance premiums, and average home values.
