Tennessee Homeowners Insurance Rate Increase

On Tail of Soft Rates and Record Cats, Homeowners Writers in 11 States Seek ...

Senior financial analyst, said weather in recent years has been a big factor and is taking a toll on insurance companies. He said the southeast and Midwest regions have been particularly hard hit, and companies are seeking aggressive rate increases in response, along with other risk mitigation efforts.

"When a company's recent underwriting results are profitable, it's very difficult for them to get a rate increase," Thomson said.

Scott Jean ., said in an email his company did not consider any of 2011's storm activity in their recent rate filings.

"Rates on homeowners insurance have been inadequate for a number of years due to soft market conditions," Jean said. "The market turned in 2011 and provided an opportunity for us to begin filing some much-needed rate increases to get rates back to a more adequate level."

Unlike the , stressed his company's higher rates aren't necessarily a symptom of the 2011 catastrophe losses. The 2011 catastrophes were factored into projection models, but were not the direct cause of hikes. But the company has seen a jump in the number and severity of storms in the past 10 to 15 years, he added.

Two Alfa subsidiaries in , said he doesn't see rates dropping anytime soon.

"There is going to be a general trend toward higher rates in 2012," Hartwig said. "That continues a trend that began about two years ago and it could last a while."

There were low, single-digit increases to homeowner rates in 2007 and 2008, but a higher jump in 2009, Hartwig said. The 2011 losses "delivered a wake-up call" and if this year is a repeat of the 2011 catastrophes, rate increases will likely accelerate, Hartwig said.

Other recent rate changes on specific homeowners lines include: Overall, the MIB Life Index has shown stability three years in a row, compared with about five years ago, when the industry was seeing year-over-year decreases, said Lee Oliphant, CEO and president of MIB Group. "The stability that it\'s shown in this difficult economy...bodes well for the industry as it\'s an affirmation that people really recognize a need for life insurance."... The Fed announced that economic conditions are "likely to warrant exceptionally low levels for the federal funds rate at least through late 2014," changing its previous statement in August that the federal funds rate would remain low "at least through mid-2013," said James Gillard, senior managing economist at A.M. Best... Feb. 05-- Customers not accustomed to scrutinizing their monthly statements from their bank may be surprised to find the cost of banking has gone up. Monthly checking account charges ranging from $6 to $18 are being imposed on some accounts that were previously free. "Customers ask if we still offer free checking," said Saundra Lockhart, spokesman for BancorpSouth. " Feb. 05-- Teachers in the Bemidji School District fall behind other districts in the state in pay and health insurance benefits, according to Jason Koester, chairman of the Bemidji Education Association\'s settlement committee. He said with annual pay and benefits, teachers here are on the bottom tier of what teachers make on average at school districts in... Feb. 05-- While there have been some lengthy debates on the House and Senate floors, lots of bills going through committees, a few controversies and tons of rumors, not much has been decided by the Legislature so far. Besides the "Feed Bill" to fund the session-- which passed both chambers and was signed into law in the first week-- the House and Senate each have passed only a... The Columbia- based business has taken its own grievance to court, filing a lawsuit in the U.S. District Court for the Western District of Missouri alleging its insurer, Liberty Mutual Fire Insurance Co., won\'t cover any losses arising from the wrongful death suit. In April, Benita DeRosier and Patricia Hall filed suit against furnace manufacturer Lennox... After more than 40 years with Columbia Insurance Group, Robert Wagner officially handed the reins of the company to Gary Thompson on Jan. 1. In September, Byron Hill abruptly resigned as CEO of ABC Laboratories, and in December, Shelter insurance\'s board of directors tapped Rick Means to succeed Dave Moore as president of the company effective Aug. 1.

PROPOSED HOMEOWNERS' INSURANCE RATE HIKE – State ...

The MA Commissioner of Insurance is considering approval of recently requested increases of up to 7% in the FAIR Plan, on which nearly half of Outer Cape residents rely for homeowner’s insurance. The Commissioner of Insurance is accepting public comments until February 29th. Along with others individuals and organizations who are part of the coalition for Homeowners Insurance Reform, TNRTA has filed the following letter opposing this increase and urges all those who may be concerned about this increase to write to the Division of Insurance to express your views before the deadline, February 29th. Please make sure to reference Docket No. R2011-02.

We have made progress, finally, in getting the underlying problem in establishing reasonable FAIR Plan insurance rates in MA addressed: the hurricane and “wind event” models which insurers use are not related to what actually happens on the Cape or elsewhere in Massachusetts. With the energetic assistance of State A.G. Martha Coakley, this is now getting attention and action. So it is a good time to let the Division of Insurance know your views. If inclined, send your comments before Feb.

Tennessee, a short history

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Explains how to buy and save on every kind of insurance, including life, health, auto and home insurance, and offers tips on how to get the best coverage for ...

Tennessee

Describes the history, geography, government, economics, and people of Tennessee.

Tennessee

Presents the geography, history, people, places, and economy of Tennessee.