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Florida has built 77,000 new homes in high-risk flood areas

Housing Wire

The construction activity is likely to place the housing industry and its financing partners on a “collision course” with insurers, the outlet said. Big payouts from natural disasters are driving insurers to raise rates and pull back on coverage,” the report stated. A lot of times that’s not happening right now.”

Insurance 497
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Hailstorms are the new hurricanes when it comes to insurance

Housing Wire

While most of the insurance crisis news is focused on the impact of hurricanes and wildfires , hail is gaining ground as the repair of storm-damaged houses has grown so expensive that insurers are increasing premiums and even dropping homes to protect profits. Lopez, CEO of Your Insurance Attorney , told HousingWire.

Insurance 289
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A growing Fannie Mae “blacklist” is paralyzing home sales

Housing Wire

Many condos are being added to a “blacklist” by Fannie Mae due to the properties not having enough insurance or needing major repairs. Insurance premium crises across the country in places like California , Texas and Florida are exacerbating the costs associated with locking in coverage.

Insurance 334
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Americans are worried that climate events will negatively impact their retirement

Housing Wire

A majority of Americans are seriously concerned that their retirement will be negatively impacted by the rising costs and uncertainty associated with sudden, unexpected and more frequent extreme weather events taking place across the country. More than half of U.S. It’s not just the recovery costs after a disaster strikes.

Insurance 420
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To emphasize flood insurance costs, senator cites reverse mortgage borrower

Housing Wire

With flood insurance premiums commanding ever-higher prices, a U.S. senator recently described a hardship faced by a constituent who endured challenges with higher flood insurance costs while keeping a reverse mortgage in good standing. That’s on top of what they pay for homeowners insurance.” Bill Cassidy (R-La.).

Insurance 448
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Advocus National Title starts virtual closing platform in Chicago

Housing Wire

Advocus National Title Insurance Co. has introduced GO Live, a virtual closing system designed to streamline real estate transactions for attorneys and their clients. Advocus is committed to redefining the title insurance experience, said Peter Birnbaum, executive chairman of Advocus.

Insurance 202
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Mortgage insurer credit ratings shouldn’t be harmed by recent natural disasters

Housing Wire

Fitch Ratings reported this week that recent natural disasters that have damaged thousands of homes and businesses including the Southern California wildfires and hurricanes Milton and Helene in the Southeast are not expected to heavily impact paid claims experience or credit ratings for mortgage insurers.

Insurance 369