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Home Insurance Blog

Storms Pushing Home Insurance Rates in Boston

April 29th, 2013

Storms Pushing Home Insurance Rates in Boston
© mccready

The inflation-affected consumers in Boston, who are already fighting the burden of high costs of food, fuel, and other basic necessities of life, may also have to face increasing home insurance premiums now. The home insurance rates were generally stable in the state. However, with the natural calamities such as tornadoes through Western and Central Massachusetts, brutal snowstorms, flood damage from Tropical Storm Irene, earthquakes and others, hitting the earth on and off, the insurance companies are witnessing sharp increase in the number of home insurance claims. According to estimates, an insurer called Andover Companies faced losses worth USD 50 million in home insurance last year, which is more than what the company earned on Massachusetts policies in the entire previous decade.

To cope up with these large numbers of reimbursements, the insurance companies are planning to hike the premium rates. Bunker Hill Insurance in Boston is planning to increase it rates by 11.9 percent this year while Andover Companies is planning to raise it by 9.3 percent. Commerce Insurance is planning to increase the rate by 8.5 percent, Safety Insurance by 10 percent, and Holyoke Mutual by 20.3 percent. If this hike in the rates by various insurers is approved by the Government, it would directly impact about 2 million home insurance policy holders.



Home Insurance Cost of Daycare

April 20th, 2013

© AndrewEickThe home insurance cost for a daycare which is operated out of a providers' home in Oklahoma could be set to change. This is because of a request by Rep. Mike Shelton for a legislative study on feasibility of requiring home daycares to carry liability insurance. Shelton, a Democrat from Oklahoma City, believes that insurance should be required for any business that is taking care of children Read More...

Reverse Mortgages and Home Insurance Cost

April 13th, 2013

© Ed YourdonMany reverse mortgage borrowers are paying high home insurance cost and loan fees because they were persuaded to spend their loan proceeds on risky investments. This is just one of the problems facing the US reverse mortgage program, which is government-insured. The FHA reverse mortgage protects lenders from losses and guarantees that seniors will maintain access to promised funds Read More...