Low Insurance Quote

The Massachusetts Association of Insurance Agents (MAIA), a group based in Milford, has put forth a proposal for the 2012 election for a ballot referendum that would stop auto insurers from becoming able to use socioeconomic factors to underwrite their insurance.

This practice is already banned by the state, but the MAIA is seeking to continue making it illegal to use information such as a person’s education, job type, and credit score for determining an individual’s auto insurance premiums.

That said, organizations that represent auto insurers are arguing for the exact opposite, saying that this ballot measure would take the existing regulations a step further, and may actually lead most drivers in the state to have to pay more for their insurance when all is said and done.

President of the Barre-based Healy Brothers Insurance Agency Inc., William McKenna, said that there is merit to both arguments. He

Read more…

Alternative funding for health care in Canada will not result in lower costs nor contribute to financial sustainability, states a commentary in CMAJ (Canadian Medical Association Journal). Recent reports from prominent think tanks have urged such solutions as severe cuts to health care, increased taxes, private health insurance, copayments for publicly funded services as well as other methods of raising funds. Canada’s health care costs are about 10.4% of gross domestic product (GDP), similar to that of many countries in Europe such as Germany (10.5%), France (11.2%), Sweden (9.4%) and others. The US, by contrast, spends 16% of its GDP on health care. Read more…

The Federal Emergency Management Agency (FEMA) wants Congress to encourage private insurance companies to provide coverage beyond the current limits for flood insurance. Since the limits for the National Flood Insurance Program havent been raised since 1994, FEMA hopes insurers will consider pushing the limit on their own.

FEMA is Encouraging Insurers to Push Limits Upward

FEMA chief, Craig Fugate, told the Senate Banking Committee on Thursday that he thinks the limits on flood insurance coverage should be adjusted upward, which would more accurately reflect the level of risk for floods assumed by the program.

However, he explained that doing so could have too great an impact on flood insurance policyholders who are accustomed to paying a certain amount. Fo

Read more…

The Federal Emergency Management Agency (FEMA) wants Congress to encourage private insurance companies to provide coverage beyond the current limits for flood insurance. Since the limits for the National Flood Insurance Program havent been raised since 1994, FEMA hopes insurers will consider pushing the limit on their own.

FEMA is Encouraging Insurers to Push Limits Upward

FEMA chief, Craig Fugate, told the Senate Banking Committee on Thursday that he thinks the limits on flood insurance coverage should be adjusted upward, which would more accurately reflect the level of risk for floods assumed by the program.

However, he explained that doing so could have too great an impact on flood insurance policyholders who are accustomed to paying a certain amount. Fo

Read more…

A new report from the Insurance Information Institute (I.I.I.) revealed that dog bites represented more than one third of home insurance claims in 2010. Despite this high number of claims, the I.I.I. found that dog bites remained relatively consistent with those in the year prior.

Nearly $413 Million Paid in Liability Claims

According to the I.I.I., nearly $413 million was paid out in home insurance claims as a result of dog bites. While the total claims payouts were slightly higher than in 2009, the number of dog bites claims decreased to 15,770 in 2010 from 16,586 a year prior.

Some reasons for the rise in claims payouts despite the decrease in claims made were increases in medical costs, the size of settlements, judgments and jury awards to plaintiffs.

Learn More during National Dog Bite Prevention Week, May 15-21

The I.I.I. rep

Read more…

A judge in Florida ruled that a homeowners insurance company will be responsible for paying for a local residents home that had damage as a result of toxic Chinese-made drywall. This ruling contradicts one made at the end of 2010 when a judge decided an insurance company was not liable for similar damage.

Florida Insurance Company Required to Pay

Judge Robert Foster of the Hillsborough County determined that gas emanating from the drywall was an unforeseen occurrence that caused a chemical reaction. As a result, he decided that there was no exclusion in the Springfield, Ill-based Teachers Insurance Co.

Read more…