The News Review:
- legislators consider gradual property insurance hikes
- Long-term health care costs can put retirees’ plans at risk
- ICICI Prudential Life eyeing huge growth in health insurance
- Layoff insurance latest carrot for homebuyers
legislators consider gradual property insurance hikes
Tampabay.com
For residential property owners that could mean paying premiums of between 10 and 20 percent more each year — but only if legislators can come to an agreement before the session ends in May. A Senate proposal this week stalled in its first committee amid concerns about raising homeowners’ insurance costs during economic hard times. “The last thing people can afford right now is increased premiums” said Sen. Mike Fasano R-New Port Richey. The problem facing the Sunshine State is this: Thanks in part to the global recession and tightening credit markets Florida’s Hurricane Catastrophe Fund is billions of dollars short of what it would need to cover massive property damage likely to come from “the big one. “Legislators’ long-term solution unveiled in recent days is this: Let rates for state-run Citizens Insurance rise to more realistic market rates but gradually to boost cash assets and reduce the need for bonds.
Long-term health care costs can put retirees’ plans at risk
Atlanta Journal Constitution
A new analysis shows that when the cost of health care and long-term care is included 64 percent of retirees likely will be unable to maintain the lifestyle they had before retirement. “This is the No. 1 issue staring us in the face over the next decade” said Paul Ballew a senior vice president at Nationwide Mutual Insurance Co. which provided a grant to fund the study. The cost of health care will create such an unexpected hardship on unprepared retiring baby boomers that it’s imperative to sound the warning now said Alicia Munnell director of the Center for Retirement Research. The stock market collapse that has whacked retirement savings for millions of workers has focused attention on how poorly people are prepared for retirement expenses she said. Munnell has been concerned for years about the impending retirement crisis caused by a combination of problems.
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ICICI Prudential Life eyeing huge growth in health insurance
Livemint
?Lots of people have life insurance but only 4% have health cover. Health insurance has an immense potential and we plan to focus strongly on this segment? ICICI Prudential Life Insurance?s Managing Director Shikha Sharma told PTI here. Besides the huge growth potential competition is also less as there are fewer players in health insurance as compared to life insurance Sharma said. ?Competition here is less with fewer players than in life insurance.
Layoff insurance latest carrot for homebuyers
The Associated Press
Buyers can take advantage of the program only if they lose their job within the first two years after purchasing the home. Launched last month Toll’s mortgage protection program only covers homebuyers who finance their purchase through the company’s mortgage lender. The plan covers a maximum of six monthly payments of up to $2500 a month — including interest taxes and insurance — if the homeowner loses his or her job within two years after closing on their home. “It’s for those who perhaps are not feeling themselves in imminent danger but just want that extra safety net” said Kira McCarron chief marketing officer for luxury homebuilder Toll which is based in Horsham Pa. ne of the most generous programs in the industry comes from Cousins Properties Inc. which is marketing the effort with its 10 Terminus Place luxury condo tower in Atlanta. Cousins is offering to refund to buyers all their mortgage payments should the appraised value of their condos fall below the sale price after three years.