Insurance Industry News

Baltimore Likely to See Many Insurance Filings in Weeks to Come

Flood season is coming and insurance agents have to be ready

The riots and demonstrations in Baltimore over the past few weeks have certainly grabbed national headlines for many reasons. The way the insurance industry is likely to see these events, though, is through the lens of the large number of claims that are likely to be filed by homeowners, drivers, and businesses in the coming weeks. This situation is certainly something that agents operating in the area will have to keep a close eye on, and it may also be wise for them to stay in constant communication with their clients during this time to make sure that any concerns they may have can be addressed as expediently as possible. Windows of businesses and homes were broken and cars smashed durin ...

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  • Texas Auto Insurers Facing Many Claims After Hail Storms

    Texas Auto Insurers Facing Many Claims After Hail Storms

    Every year, major weather events across the country lead to large amounts of home and auto insurance claims that policy providers have to deal with. These can range from tornadoes and hurricanes to heavy snow and bitter cold, but Texas was recently hit with a spate of hail storms that did major damage to a large number of vehicles in particular. As such, those insurers will likely have to deal with a large and growing number of such claims for some time to come, and agents working there will have to be on the lookout for ways in which they can keep their clients happy in the meantime.Since the start of April, many hail storms have hit ...

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  • California Man Busted in Auto Fraud Ring

    California Man Busted in Auto Fraud Ring

    Auto insurance fraud is a major issue for many Americans, whether they know it or not. Studies show that this type of crime can add hundreds of dollars to the average driver's premiums every year, regardless of their own driving record. For this reason, more government agencies are trying to clamp down on instances of fraud, and working with insurers to identify criminals trying to commit it. Agents who can let their clients know about these efforts, and what they might be able to do on their side of things, could end up having more success keeping them happy even if rates rise.An investigation from the San Diego Urban Auto Insurance Fraud Task Force recently ...

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  • Michigan Passes New No-Fault Auto Insurance Bill

    In recent years, a lot of attention has been paid to the ways in which auto insurance rates can be controlled one way or another at the regulatory level, and that has certainly been the case in Michigan. The Wolverine State has long had some of the highest coverage costs for drivers in the nation, and this stems in large part from the fact that it has a no-fault insurance system. Now, legislators there are making tweaks to that system as a means of potentially bringing down costs for all state residents, and it might therefore be wise for insurance agents to alert their clients about the impending changes.A bill that would in some ways ...

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  • Michigan Examining New Auto Insurance Law to Slash Fraud

    Michigan Examining New Auto Insurance Law to Slash Fraud

    In recent years, the size of the impact that auto insurance fraud has on rates for all drivers has come into sharper focus for many lawmakers and regulators, and as such, they are now making greater efforts to curtail this kind of crime. That's certainly the case in Michigan, where legislators are hustling a reform bill through the Senate to help stamp out fraud and bring more certainty to a state where rates are already among the highest in the nation. Meanwhile, insurance agents might likewise want to do a little more to help people understand the kind of impact insurance fraud has on their personal policies, and what they may be able to do to reduce their liabilities in other ...

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  • New Jersey Now Clarifying Home Insurance Policies

    Michigan examining new auto insurance law to slash fraud

    In the last several years, there have been many cases of consumers being impacted by an incident that led to a home insurance claim, only to find that this issue wasn't covered by their plans. When that happens, consumers can get understandably frustrated, but part of that arises from the fact that many Americans simply don't have a strong understanding of their coverage. Now, a law in New Jersey could help residents with this issue, and insurance agents elsewhere may be wise to follow suit.Beginning in June, New Jersey residents who are both buying and renewing home insurance will be required by law ...

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