We turned to UP for help getting our homeowners insurance company to cover a $150,000+ smoke damage claim which allowed our family to get safely back into our home....
In the past, insurance companies used straightforward objective criteria and actuarial science to evaluate risks and calculate how much to charge a consumer for an insurance policy. Age, address, income, claim history and education were the main factors. Today, insurers are using subjective factors such as shopping and personal habits and credit scores. With the explosion in credit reporting and the widespread use of computers and the Internet, vendors that mine and sell data and modelers that spin data...Read More
Competition is a good way of keeping prices for many products and services affordable to consumers. But when it comes to insurance products that consumers must buy - such as car and home insurance (for anyone with a mortgage), competition does not keep prices low for all consumers. It generally only helps consumers that are attractive to insurance companies. And while in the past, "attractive" meant a consumer with a relatively clean driving and/or claim record, the times they are a'changin.
With the advent of data mining and...Read More
The terms "Big Data", "Data Mining" and "Price Optimization" are all the buzz in insurance circles and among state insurance regulators. They, non-profit consumer advocates, the private bar and the Federal Insurance Office are all diving in to whether the massive amount of personal data that's now available to insurance companies is tipping the scales away from the bests interests of consumers and the healthy spread of risk.
Insurers used to pick from 90 rating classifications such as your driving record, address, age and vehicle. Now they can pick from thousands of them....Read More
If your home or business was damaged or destroyed by extreme weather and/or flooding, you can access guidance and tools through United Policyholders' Roadmap to Recovery® program for overcoming insurance claim challenges and reaching fair settlements. Scroll down for key tips and a menu of resources. We thank and acknowledge Maui resident and UP volunteer Robert Joslin for assistance with this section of our library.... Read More
Today began with a 7:30 briefing call hosted by the Coalition for Sustainable Flood Insurance, of which United Policyholders is a member. This "can-do" coalition seeks to make flood insurance affordable and available through the National Flood Insurance Program. They are aware of parallel efforts to bring flood coverage back into home policies and stimulate the growth of a private flood insurance market. But their current focus is on improving the NFIP so it can be a more financially viable "take all comers" source of financial protection for homeowners who want to...Read More