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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 460
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Rising home insurance costs are adding pressure for buyers: Insurify

Housing Wire

The dream of homeownership is becoming increasingly elusive for many Americans as both home prices and insurance premiums are on the rise. Homeowners insurance premiums are climbing too. The average cost of insuring a $300,000 property surged by 12% in 2023, reaching $1,770 per year, according to a recent Insurify report.

Insurance 460
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Industry experts are closely watching delinquency rates, insurance costs

Housing Wire

Industry experts say that although there’s a correlation between unemployment and delinquency rates, some homeownership costs — including insurance — have increased significantly over the past two or three years, which has had a strong financial impact on homeowners.

Insurance 446
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FHFA’s pilot to waive lender title insurance on refis faces opposition

Housing Wire

President Joe Biden’s new plan to lower housing costs includes a pilot program that waives the requirement for lender’s title insurance on certain refinance transactions, according to the White House. Meanwhile, homeowners can always purchase their title insurance policy or AOL if they choose.

Insurance 467
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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 429
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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

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