A brokerage leader has slammed California’s insurance commissioner, Ricardo Lara, for the worsening property insurance crisis in the state, saying over-regulation is contributing to increasing rates and carrier pullouts.

According to Citizens Property Insurance Corporation, the state’s insurer of last resort, it is projected to hit a record 1.7 million home insurance policies by the end of the year.

The Golden Fire burning in Klamath County has destroyed 43 homes and another 43 "outbuildings," according to the Oregon State Fire Marshal (OSFM). However, that number could change as conditions improve and task forces finish making damage assessments, OSFM said.

Travelers, considered a bellwether for the insurance industry due to its size, said catastrophe losses doubled in its most recent quarter and the company swung to a loss as severe wind and hailstorms in a number of regions led to rising coverage claims.

After tennis ball-sized hail fell from the sky as a part of a series of strong storms that charged through southeast Michigan late Thursday afternoon, communities most affected by the damage switched into cleanup and repair mode Friday.

An important Pfizer pharmaceutical plant in North Carolina was severely damaged on Wednesday after a powerful tornado ripped through the area, threatening production lines that normally provide huge amounts of medicine to U.S. hospitals.

Kentucky’s governor declared an emergency Wednesday after heavy -- and potentially record-setting – rain caused widespread flooding throughout the state.

U.S. population growth in hurricane-prone states, coupled with the increasingly heavy rainfall which accompany these storms, has generated costlier insurance claim payouts for wind and flood-caused property damage, according to the Insurance Information Institute (Triple-I).

If a leak destroys an apartment, is a co-op board responsible for the repairs?
In the event of a fire, water, or other damage, almost every proprietary lease has boilerplate language on who is responsible for certain repairs to common areas or apartments.

Economic losses from catastrophic flooding across Vermont earlier this week could reach into the hundreds of millions of dollars or higher, Aon PLC said in a report Friday.

The rainfall that hit parts of Vermont on Monday had less than a 1-in-100 chance of occurring in any given year, according to federal flood data. And yet, for some residents, it brought a sense of déjà vu -- it rivaled the devastation of another so-called 100-year storm, Hurricane Irene, from a dozen years ago.

In response to the State of Emergency declared by Governor Phil Scott on July 9, the Vermont Department of Financial Regulation has announced a measure to allow property and casualty insurance carriers to utilize individual adjusters who are not licensed in Vermont.

Most property insurance policies contain ‘Concealment or Fraud’ provisions. As the name suggests, these provisions penalize claimants for material misrepresentations or concealment by releasing insurers from payment obligations, regardless of whether relevant claims would otherwise be covered.

S​irens blared in downtown Chicago as tornadoes roared through the area Wednesday evening, damaging homes and cars and sending passengers at O’Hare International Airport into tunnels for shelter.

Farmers Insurance has become the latest company to restrict new homeowner policies in California due to soaring inflation and a surge in severe weather events, which have escalated business expenses. The decision, effective as of July 3, applies to new policies only.