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Climate risk is rising. It calls for a rethinking of home insurance coverage

Housing Wire

It’s resulting in calls to reimagine the costs of homeowners insurance (Image generated by AI in Midjourney) As the planet warms and extreme weather intensifies, the rising cost of homeowners insurance is stopping real estate deals in their tracks. Some insurers say catastrophe risk is part of the business, part of the job.

Insurance 481
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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. And Cassidy shared another story of a constituent with a reverse mortgage on his home.

Insurance 426
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Insurance Office of America’s SimplyIOA Platform Designed for Mortgage Industry

Appraisal Buzz

Insurance Office of America (IOA) is integrating SimplyIOA, an insurtech company with a fully integrated digital platform for comparing, quoting and purchasing homeowners insurance online quickly. SimplyIOA is designed for seamless integration into point-of-sale systems, loan origination servicing and self-servicing platforms.

Design 195
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StreetWire partners with MetroList on home value insurance product

Housing Wire

Real estate data company StreetWire has partnered with Northern California MLS MetroList to produce an insurance product called Home Value Lock. It’s designed to protect homeowners from declining home values. Someone buys a house for $500,000 but then decides to sell due to a job relocation or an expanding family.

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As insurers flee disaster-prone areas, homeowners turn to ‘last resort’ insurers

Housing Wire

As major home insurance carriers are increasingly pulling back their coverage options in disaster-prone areas, hundreds of thousands of people are moving to state-sponsored “last resort” insurance plans originally designed to offer a temporary fix. The plans were designed to be temporary safety nets,” the Journal report reads.

Insurance 442
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HUD to allow borrowers of FHA mortgages to obtain private flood insurance

Housing Wire

Homeowners with the Federal Housing Administration -insured mortgage financing will now be allowed to obtain private flood insurance policies, expanding consumer options to protect borrowers from the country’s major natural disaster. . billion, did not have the required NFIP coverage.

Insurance 367
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Sagent’s Dara: Advancing mortgage loss mitigation

Housing Wire

To help overcome these obstacles, Sagent has created its Dara Loss Mitigation platform as a solution that modernizes how homeowners and mortgage servicers address financial hardship. The platform’s intelligent design is showcased by its ability to pre-populate borrower data, substantially reducing application completion time.

Mortgage 406