Housing Wire

JANUARY 20, 2025

A comprehensive report on homeowners insurance released by the Treasury Department this week outlined the cost of climate challenges on homeowners. It was also released alongside the most comprehensive data on homeowners insurance in history, Treasury added. million policies. million policies.

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Appraisal Buzz

MARCH 3, 2025

Property insurance costs for mortgaged single-family homes rose by a record $276 (+14%) to $2,290 in 2024 with average premiums now up 61% over the past five years. of borrowers switched insurance providers in 2024, up from 9.4% of borrowers switched insurance providers in 2024, up from 9.4%

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Housing Wire

MARCH 19, 2025

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.

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Appraisal Buzz

JANUARY 22, 2025

Its not just home prices that are expensive, as they hover at historically high levels; rising insurance premiums are contributing to the growing costs of homeownership and property management. Home, rental, and property-related insurance products are ubiquitous and foundational to the health of the U.S. housing market.

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Housing Wire

JANUARY 28, 2025

Critical role of title insurance Thats where the story of title insurance begins. Title insurance policies solve these problems by protecting buyers against legal challenges to their ownership. And should the sale be void, title insurance can pay back the full value of the property to the insured party.

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Housing Wire

MARCH 3, 2025

Annual property insurance costs for mortgaged single-family homes rose by a record $276 (or 14%) to $2,290 in 2024, per the latest Intercontinental Exchange (ICE) Mortgage Monitor Report released Monday. of borrowers switched insurance providers in 2024, up from 9.4% ICE loan-level data shows that a record 11.4%

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Sacramento Appraisal Blog

OCTOBER 31, 2024

Let’s talk about that today as well as dig into insurance. UPCOMING SPEAKING GIGS: 11/7/2024 Think Like an Appraiser (3 hours) TBA 11/19/24 Downtown […] The post Flat prices & the insurance mess first appeared on Sacramento Appraisal Blog. I have some encouragement to share too about mindset.

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Housing Wire

JANUARY 15, 2025

Rising personal home insurance rates, fueled by escalating claims costs, increasing property values and the growing frequency of natural disasters, will all have a profound impact on market dynamics and homeowners insurance costs. In the first half of 2024 alone, insured losses hit $62 billion , 70% above the 10-year average.

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Housing Wire

FEBRUARY 27, 2025

American homeowners are struggling to keep up with unpredictable natural disasters and the rising homeowners insurance premiums that follow them. Residents are more willing to move if it means avoiding high insurance rates, according to a new study from mortgage technology company Maxwell.

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Housing Wire

FEBRUARY 11, 2025

The Supreme Court of Hawaii this week decided that insurance companies seeking to file their own suits against those deemed responsible for 2023s devastating wildfires on the island of Maui cannot proceed, paving the way for a $4 billion settlement to continue, according to reporting from the Associated Press (AP). Supreme Court.

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Housing Wire

MARCH 11, 2025

New York may soon allow title insurance for state land purchases, a shift that could streamline conservation efforts and resolve longstanding property disputes. Proposed changes New York is currently the only state that does not accept title insurance for government land purchases. The change, which was included in Gov.

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Housing Wire

FEBRUARY 13, 2025

But errors related specifically to insurance increased significantly, growing to 3.03% of all defects, according to a report released Thursday by ACES Quality Management. Insurance defects increased “more than four-fold” in Q3 2024, growing from 0.65% to 3.03% of all errors, according to the report.

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Housing Wire

FEBRUARY 27, 2025

With the uptick in the severity and frequency of these natural disasters , as well as the rising costs to rebuild and reinsure, more real estate professionals and consumers are finding homeowners insurance to be a far greater concern than ever before. That has changed. The first is the frequency and severity of natural disasters.

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Housing Wire

FEBRUARY 18, 2025

On Friday, California insurance commissioner Ricardo Lara rejected State Farm s request for emergency rate increases , going against the recommendation of his staff experts. The request from State Farm involved insurance rate increases that would have gone into effect on May 1, 2025. in 2022, 6.9% in 2023 and 20% in 2024.

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Housing Wire

JANUARY 10, 2025

“In line with guidelines from our lending partners and other entities that own or insure mortgages, NAF will offer forbearance assistance to customers whose homes are uninhabitable or who cannot work due to the wildfires,” the company told RMD in a statement.

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Appraisal Buzz

MARCH 18, 2025

According to the report , as weather-related natural disasters increase in frequency and severity, home insurers have responded to the increased risk by dramatically increasing premiums or simply ceasing to issue new policies in heavily impacted regions. The post Mortgage Insurance Defects on the Rise first appeared on The MortgagePoint.

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Housing Wire

OCTOBER 21, 2024

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.

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Appraisal Buzz

MARCH 4, 2025

Property insurance costs for mortgaged single-family homes increased a record $276 or 14% to an average of $2,290 per year in 2024, according to ICE Mortgage Technologys latest Mortgage Monitor report. percent of borrowers switched insurance providers in 2024, up from 9.4 Among the major U.S. Among the major U.S. A record 11.4%

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Housing Wire

SEPTEMBER 19, 2024

With home sale prices continuing to rise, wire fraud prevention firm CertifID announced Thursday that it is increasing its direct, first-party insurance coverage maximum to $2 million. This means that up to $2 million of a wire transfer verified by CertifID can receive direct, first-party insurance coverage.

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Appraisal Buzz

DECEMBER 10, 2024

And yet, about that same amount failed to upgrade their insurance policies to protect their new investment. homeowners, 400 independent insurance agents, and 131 empty nesters, identified as married or partnered U.S. homeowners, 400 independent insurance agents, and 131 empty nesters, identified as married or partnered U.S.

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Housing Wire

NOVEMBER 19, 2024

The Bipartisan Congressional Real Estate Caucus is calling on the Federal Housing Finance Agency (FHFA) to cease its pilot program for title insurance waivers until the program is vetted and the agency seeks public input on it. The National Council of Insurance Legislators and 14 attorneys general have also pushed for its termination.

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Housing Wire

MARCH 18, 2025

Insurance brokerage platform VIU by HUB has partnered with mortgage servicing company Valon to provide homeowners with streamlined insurance options amid rising costs. Through the partnership, Valon customers will have access to instant insurance quotes from multiple carriers along with guidance from licensed agents.

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Housing Wire

FEBRUARY 4, 2025

Homeowners in California with an insurance policy from State Farm could see a 22% rate hike. The insurer sent a letter to the California Department of Insurance on Monday that described its dire financial situation due to the wildfires in Los Angeles County and a request for an emergency insurance rate hike.

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Housing Wire

MARCH 17, 2025

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.

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Housing Wire

JULY 24, 2024

While it may be easy to attribute the slower market conditions to the state’s well-publicized insurance issues , local agents say there is a perfect storm of factors. “It Insurance is still a major hurdle for many. Altos’ data shows that the 90-day median time on market jumped from 49 days a year ago to 70 days as of mid-July.

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Housing Wire

OCTOBER 9, 2024

The home insurance marketplace has been facing a reckoning. With the death toll from Helene crossing the grim milestone of 230 this week — and with thousands of impacted homes without flood insurance wiped away — this could lead to a ripple effect that drives homeowners insurance premiums even higher.

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Housing Wire

FEBRUARY 5, 2025

Jeremy Porter, the company’s head of climate implications research, said that homeowners insurance costs and migration patterns may also shift. “Our findings highlight the urgent need to understand how rising insurance costs and population movements are transforming the economic geography of the nation.”

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Housing Wire

DECEMBER 2, 2024

Older homeowners are also struggling with rising insurance premiums , particularly if they’re still paying off forward mortgages. Nationally, home-insurance premiums rose by an average of 21% from May 2022 to May 2023, Policygenius , an insurance marketplace, found.

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Appraisal Buzz

JANUARY 29, 2025

and Anthony Carolei, Director of Risk Management for Professional Liability at Hanover, host Hal Humphreys explores the critical intersection of real estate appraisal and E&O insurance. The post Ensuring Accuracy and Protection: Real Estate Appraisal and E&O Insurance appeared first on Appraisal Buzz.

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Housing Wire

FEBRUARY 17, 2025

Following several expensive hurricanes in recent years, Florida home insurance rates among the highest in the nation. According to Insurify, home insurance premiums rose about 7% in 2024 and are expected to keep rising. Because of its revenues from tourism, Florida does not have an income tax.

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Housing Wire

JANUARY 22, 2025

LERETA highlighted that 68% have experienced monthly mortgage payment increases due to rising property taxes and insurance premiums. Meanwhile, 27% would do the same if insurance costs skyrocketed. After that, 70% had higher homeowners’ insurance and 57% had higher premiums.

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Housing Wire

MARCH 18, 2025

Utility and maintenance costs also factor into the equation, as do property taxes and homeowners insurance. Other research finds that rising insurance premiums have also made senior living communities more expensive. While home prices, mortgages and other fees are drivers of this burden, they are not alone.

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Appraisal Buzz

DECEMBER 16, 2024

But that benefit is beginning to be offset by a surge in insurance costs and HOA fees caused by intensifying natural disasters ,along with rising property taxes. This gives buyers leverage when theyre negotiating with other insurers. Buyers are also considering how much theyll have to pay for insurance when writing offers, he said.

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Housing Wire

MARCH 20, 2025

Lessons from California wildfires and other natural disasters Californias wildfires highlighted the chaos that natural disasters continue to unleash not just on homeowners, but also on the mortgage servicers tasked with supporting them and the insurance industry that covers the cost of rebuilding.

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Housing Wire

JANUARY 13, 2025

This is due to the National Flood Insurance Program being based off of FEMAs flood insurance maps, which the CFPB asserts may not capture accurate flood risk exposure. Additionally, the CFPB believes that homeowners who may be underinsured are least likely to be able to self-insure and successfully recover from a flooding event.

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Appraisal Buzz

OCTOBER 21, 2024

Recent years have seen Oregon struggle with not only severe winter storms but also an increase in insurance premiums. Homeowners in the state have faced a 42% rise in insurance premiums from 2019 to 2024 due to repeated disasters, including fires, floods, and destructive winter storms like Winter Storm Indigo in 2024.

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Housing Wire

MARCH 26, 2025

This is primarily due to rising homeowners insurance premiums, denied claims and inadequate coverage. Several insurance providers announced rate hikes and policy changes shortly after the wildfires. State Farm , for example, sought a 22% rate hike in early February through the California Department of Insurance.

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