Redfin, Seattle, recently reported 70.3% of Florida homeowners and 51% of California homeowners say they or the area they live in have been affected by rising home insurance costs or changes to coverage over the past year.
Tag: Insurance
Fannie Mae: Consumers Worry About Extreme Weather on Homes, Insurance Premiums
Nearly half of Americans surveyed expressed concern about the impact of extreme weather events on their homes–especially about excessive wind and heat–according to Fannie Mae, Washington, D.C.
FHFA to Host Multifamily Insurance Symposium; Agency Official Talks Other 2024 Priorities–#MBACREF24
SAN DIEGO–Amid rising premiums and natural disasters, it’s no surprise that insurance is a big concern for the multifamily industry. With that in mind, the Federal Housing Finance Agency’s Siobhan Kelly announced the agency will hold a multifamily insurance symposium March 13–with both in-person and virtual options–to brainstorm solutions to insurance issues.
Matic: Challenges in Home Insurance Market Likely to Continue
Matic, Columbus, Ohio, in a recent year-end report noted 79% of mortgage lenders experienced an increase in problems with home insurance in the past year, among other challenges. Moreover, the company predicted such challenges may persist into 2024.
DBRS Morningstar Warns About Insurance, Property Values in Coastal Areas
DBRS Morningstar, Toronto, released a new analysis warning about the impacts of climate change–including hurricanes–on property insurance in vulnerable areas. Insurance companies are exiting catastrophe-prone areas, DBRS Morningstar said, potentially leading to a decline in property values.
Natural Disasters, Insurance Landscape Cause Industry Disruptions, Panelists Say
WASHINGTON–Amid a cascading series of natural disasters, the homeowners’ insurance market has been seriously disrupted, and is likely to remain that way for the foreseeable future, panelists said at the Mortgage Bankers Association’s Compliance and Risk Management conference.
Natural Disasters, Insurance Landscape Cause Industry Disruptions, Panelists Say
WASHINGTON–Amid a cascading series of natural disasters, the homeowners’ insurance market has been seriously disrupted, and is likely to remain that way for the foreseeable future, panelists said at the Mortgage Bankers Association’s Compliance and Risk Management conference.
Yardi Matrix: Insurance Rates a Growing Problem for CRE Owners
Rising insurance costs present a growing problem for commercial property owners, particularly in states with increasing climate-related risk such as Florida and Texas, reported Yardi Matrix, Santa Barbara, Calif.
CoreLogic: Insured, Uninsured Damages for Hurricane Ian at $41-$70 Billion
CoreLogic, Irvine, said final damage estimates for Hurricane Ian could run as high as $70 billion—of which up to $17 billion could be uninsured.
CoreLogic: Catastrophes Illustrate Impact of Climate Change on Housing
When you include the word “catastrophe” in the headline of a report, it tends to get attention. And CoreLogic, Irvine, Calif., says “catastrophe” plays an ominous role in the present and future housing environments.