A weekly round-up of homeowners insurance in the news on the insurance blog. Learn more about what major news outlets are saying about homeowners insurance in the news.
A weekly round-up of homeowners insurance in the news:
State Farm Stops Writing Homeowners Insurance in Florida
State Farm Florida Insurance Company will stop writing new homeowners insurance policies in Florida. Most Florida homeowners with State Farm Insurance (more than 1 million) will not be affected by the change, according to reports. However, about 50,000 coastal homeowners in Florida will be dropped by State Farm. According to Florida’s state Office of Insurance Regulation, the homeowners’ insurance company decided to pull out because of the risk of hurricane in the state.
Mortgage Insurance Payments May Be Tax Deductible
Homeowners with mortgage insurance may enjoy a tax deduction this year, according to reports. Low-income and moderate income homeowners who purchased mortgage insurance, in lieu of making a 20% down payment on a new home purchase, are eligible for the tax deduction. Homeowners with mortgage insurance, who pay on average up to $100 a month for the coverage, will be eligible to save about $300 on their federal taxes for 2007.
Allstate Reaches Agreement with Louisiana Insurance Commissioner
Allstate has reached an agreement with the Louisiana Insurance Commissioner. The homeowners’ insurance company will pay fines and expenses related to cancelling almost 5,000 homeowners’ insurance policies in the wake of Katrina. Allstate will also reinstate homeowners insurance policies cancelled after the hurricane. In many cases, the homeowners’ insurance company will be forced to offer the Louisiana insureds wind and hail coverage.
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