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NAR runs out of liability insurance coverage: Sources

Housing Wire

Three sources, who have asked to remain anonymous, have confirmed to HousingWire that the National Association of Realtors (NAR) has run out of liability insurance funds. NAR’s insurance policy is tapped out, and there are no funds available for REALTOR Associations and MLSs for legal defense costs,” Hahn wrote.

Insurance 544
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Another homeowners’ insurance carrier leaves California

Housing Wire

Homeowners in California now have even fewer choices in homeowners insurance carriers. The Hartford Financial Services Group , better known as The Hartford, announced Wednesday that it would no longer issue new homeowners insurance policies in California starting in February 2024. Unitrin Auto and Home Insurance Co.

Insurance 482
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Consumer protection is what title insurance is all about

Housing Wire

In fact, for many new buyers entering the market this year, this will be the first time they ever hear the words “ title insurance.” Against this backdrop, it is critical that new homebuyers and homeowners alike understand what title insurance is, its benefits and the importance of asking about discounts available to them.

Insurance 451
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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. “As

Insurance 451
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New bill in Florida looks to help cut homeowner’s insurance premium costs

Housing Wire

Lawmakers in Florida are getting creative when it comes to trying to solve their state’s homeowner’s insurance challenges. Due to the recent uptick in the number and severity of hurricanes facing the Sunshine State, many insurers and reinsurers have made the decision to leave the state.

Insurance 525
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Concerns are growing over the rising cost of homeowners insurance

Housing Wire

The rising cost of homeowners insurance is weighing more heavily on American homeowners and buyers, according to a survey published Wednesday by Mphasis Digital Risk , a technology services company serving the residential real estate lending industry. average, according to estimates from the Insurance Information Institute.

Insurance 451
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Senate considers flood insurance reforms, but roadblocks remain

Housing Wire

Senate Committee on Banking, Housing and Urban Affairs held a hearing on Thursday that focused on the reauthorization of the National Flood Insurance Program (NFIP), showing that its bipartisan support is generally intact. There are also floodplain management and mapping functions, in addition to mitigation practices.

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