Latest news with #insurancecompany
Reuters
17 hours ago
- Business
- Reuters
Globe Life's second-quarter profit rises on strong underwriting
July 23 (Reuters) - Life and supplemental health insurance company Globe Life (GL.N), opens new tab reported a rise in second-quarter profit on Wednesday, driven by stronger underwriting performance. Despite economic uncertainty, demand for life insurance has remained strong as consumers focus on protecting their finances amid rising living expenses. Additionally, technological advancements and digital distribution channels have made access to insurance policies easier for younger demographics, supporting sustained growth in the sector. The McKinney, Texas-based company's life underwriting margin increased 6% over the year-ago quarter. Insurance underwriting income grew 15% in the second quarter ended June 30, reaching $4.28 per share. Net investment income, however, decreased 1%, compared to the same period last year. Insurers, including Globe Life, typically invest a portion of their capital across various asset classes, such as fixed-income securities and equities, generating returns that tend to align with broader market trends. Diluted net income per share for the quarter rose to $3.05, up from $2.83 per share a year earlier.
The Sun
21 hours ago
- General
- The Sun
My retired neighbour's tree has grown under our walls & through the ceiling – I've tried cutting it but it's relentless
A FRUSTRATED homeowner has revealed that his retired neighbour's tree is so big, it has grown under his walls and through his ceiling. Not only is it huge and overgrown, but it appears that despite trying to cut the vines back, there has been no success. 2 2 Unsure on what to do, the anonymous man, who is from the United States, took to social media, desperate for advice. Posting on Reddit, on the r/landscaping thread, the irritated man shared snaps of his neighbour 's huge tree, that is invading not only his garden, but now his home too. Furious with the situation, the man titled his post 'My neighbour's yard is causing major problems. Best thing to do?' He then got candid on the situation and explained: 'So our neighbour is an old retired veteran. He's renting the home. He doesn't own the house. We don't have the owner's contact info. 'The main problem is the tree and its canopy of vines and branches that drape over their shed, which is placed way too close to our house. 'Another tree is also sandwiched between the shed and the back of our house. 'It's so tall and overgrown. A tree growing in between the shed and our house had large branches that grew over the roof.' The man explained that he previously got up on his roof with an electric saw, eager to remove the branches. He added: 'The insurance company said we needed the branches off, or they'd stop insuring us. 'I am so fed up with this.' Moment mystery 'neighbour from hell' stuffs POO through letterbox & smears paint stripper over cars in 'calculated' plot But that's not all, as he also shared that last year, he went in between the shed and the house and clipped 'a ton of shrubbery and foliage.' He stressed: 'I cleared it the best I can, but the problem is relentless and will always continue as long as this canopy continues to drape over that shed with the damned tree growing into the side of our house next to it. We don't want beef with the homeowner, but I am fed up with this Reddit poster 'They grow insanely fast. It's a ton of work, just for it to spring right back up. 'The canopy of vines drapes from over the shed, above our fence, and spreads all over the fence in the backyard.' And that's not the worst of it, as he then shared: 'It is devouring an area in the back yard as it drapes over the sunroom. 'It's gotten so bad that roots and vines from the tree have grown through the walls from underneath, and they can be seen in the ceiling FROM INDOORS IN THE LAUNDRY ROOM.' Unsure on how to proceed, he expressed: 'I am thinking about reporting this to the city. What would you do in this situation? 'We don't want beef with the homeowner, but I am fed up with this. 'This problem could be gone forever if they would have a giant tree removed, and get rid of the shed too. 'We would be able to remove the tree and then we wouldn't have to worry about a jungle canopy draping into our yard from their stupid shed.' Reddit users react Reddit users were left stunned by the man's post and eagerly raced to the comments to share their advice on how to proceed. One person said: 'Call the city, if they rent, that's on the owner.' Another added: 'This should be on the homeowner not the renter…Call him and work to have him clean his property. Best of luck.' Whilst a third commented: 'Report it to code enforcement. This qualifies as overgrown vegetation. The inspector will come out, take photos and inform the owner of the issue.' However, at the same time, many urged the user to 'help' his neighbour, as one penned: 'He's old, retired, a veteran. Just a suggestion. Why don't you give him a hand? 'He's your neighbour and it looks like he could use some help. Try not to make his life any harder than it already is.' A second agreed: 'I would ask if he needs help.' Meanwhile, someone else recommended: 'Just knock on the door, take a step back, so they know you mean no harm, introduce yourself, and ask if you can offer a hand with the yardwork. Do it little by little, until it's good to go. Rome wasn't built in a day.'
Yahoo
a day ago
- Automotive
- Yahoo
What is subrogation in insurance, and how does it affect you?
If you've read your insurance contract, you might have come across the term 'subrogation insurance.' Subrogation insurance is a process that enables insurers to recoup their financial losses after paying out a claim when the insured isn't at fault. Insurance companies normally handle subrogation in the background, and policyholders are usually left out of the process. However, it can still be helpful to understand what subrogation is in insurance and how it works. This embedded content is not available in your region. What is subrogation in insurance? Subrogation is an insurance company's legal right to sue a third party responsible for a covered loss once the insurer has settled the claim with the policyholder. It allows the company to recover the money it paid out from the individual who was responsible. Examples of subrogation To better understand insurance subrogation, it can be helpful to look at examples. Here are a few scenarios where an insurance company might file a subrogation claim against an at-fault party's insurer. Example 1: Another driver totals your car You're hit by another driver in a car accident, and your car is a total loss. Your car insurance company pays you a settlement of $10,000, which is what your car was worth after the crash. Because the other driver was fully responsible, your insurance company decides to file a subrogation claim against the at-fault driver's insurance company to recoup the $10,000 it paid you. Learn more: 6 steps to find cheap car insurance Example 2: A vehicle damages your home A delivery truck is coming up your driveway on a snowy day and slides on a patch of ice. The truck hits the front of your house and causes $30,000 worth of damage. Your home insurance company covers the $30,000 to repair your house, then attempts to get their money back from the delivery driver's insurance company through subrogation. Learn more: How to shop for homeowners insurance in 5 steps Example 3: A neighbor's dog bites you You encounter your neighbor's dog when you're out for a walk, and it bites you. You go to the emergency room and need several stitches. The final bill for your visit is $4,000. Your health insurance coverage takes care of the medical bills, but it decides to file a subrogation claim against your neighbor's insurance company to recover the $4,000 it paid you. Learn more: How does pet insurance work? A complete guide. Up Next Up Next How does subrogation work? If your insurance company decides to subrogate a claim, there's not much you need to do. Typically, the insurance company will handle the entire subrogation process from start to finish, including all communication with the at-fault party's insurance company. When pursuing a claim, your insurance company must include the cost of your deductible (if you paid one) in the total amount it asks for. This doesn't always mean you'll get your deductible back, since it depends on what your insurer gets from the responsible party. But in many cases, you might recoup some or all of the deductible you paid. Learn more: What you need to know about car insurance deductibles Even though the subrogation claims process is mostly passive for the insured, your insurer still has to notify you, and you have to cooperate with their efforts. If a subrogation claim is successful, your insurance company will be reimbursed for the money it paid for your claim. How does subrogation affect insurance premiums? When insurance companies are constantly paying out expensive claims for policyholders, it can negatively impact their profitability and eventually lead to rate increases for customers. However, subrogation can prevent this from happening. Through subrogation, insurance companies are able to get back some or all of the money paid out in claims, which helps them remain financially stable. Because the insurance company isn't losing as much money, rates are typically kept lower than they would be otherwise. Learn more: What is a car insurance premium, and how is it calculated? This embedded content is not available in your region. Pros and cons of subrogation Subrogation in insurance has pros and cons for the insurance company and the insured party. Here's what to know about the benefits and limitations of subrogation in insurance: Pros Enables the insurance company to recoup its financial losses after paying out a claim Subrogations can potentially help insurance companies keep rates low In some cases, policyholders are able to recover the deductible paid out Can sometimes expedite the insured's claim payout Cons Complex subrogation claims can sometimes take a long time to settle There's no guarantee that the insurer will be able to get their money back Can lead to litigation if the at-fault party's insurance company doesn't cooperate If the insured and the responsible party know each other, subrogation could cause tension What is a waiver of subrogation? Some insurance policies include a waiver of subrogation. As the term suggests, a waiver of subrogation prevents an insurance company from seeking compensation from an at-fault party's insurance carrier after reimbursing a customer for a covered loss. For an insurer, agreeing to waive its right to subrogate exposes the company to additional risk. Once your insurer pays out a claim, it can't seek reimbursement from the responsible person's insurance company. Because of that, insurance policies that include a waiver of subrogation often have higher rates. Here are a few examples of where subrogation is typically waived to reduce the risk to third parties: Construction contracts Tenant/landlord contracts Vendor contracts Insurance subrogation FAQs What happens if I ignore a subrogation claim? Ignoring a subrogation claim can have consequences. If you don't respond, you could face fines and potential legal action. It could also delay your claim settlement. What happens if the fault is shared between two parties? Subrogation claims with shared responsibility can be complicated. It could prevent the insurance company from recovering all the money it paid out for the claim. The situation will mostly depend on the comparative negligence laws in the state where the loss occurred. How long does insurance subrogation take? Insurance subrogation can take anywhere from a few weeks to a few months — or even longer. Simple cases are usually resolved quickly, whereas complex claims can take much longer. The length of time also depends on the willingness of both insurance companies to cooperate and settle the claim. Tim Manni edited this article.
Yahoo
a day ago
- Business
- Yahoo
How to file a homeowners insurance claim
Your home is more than just four walls — it's your sanctuary and your safe space. So when something like a wildfire or tornado happens, it's normal to feel overwhelmed or even hopeless. Fortunately, that's why you have homeowners insurance. It helps you recover your losses and start rebuilding the place you've worked so hard to make your own. This embedded content is not available in your region. Learn more: Homeowners insurance: What it covers and how much you'll pay Steps to file a homeowners insurance claim When you're already dealing with an emotionally draining and stressful situation, the last thing you need is confusion around the claim-filing process. Understanding how submitting a claim works beforehand can help you become more prepared and feel confident navigating the claim process if the unexpected happens. Here are the steps you should follow when filing a home insurance claim. Step 1: File a police report (if necessary) If someone breaks into your home, takes your valuables, or causes severe damage, call the police right away and file a report. Make sure to write down the names of any officers you talk to and note the important details of the crime. This information can help back up your insurance claim. For example, if your home is vandalized and items like your laptop and TV are stolen during a break-in, your insurer will likely ask for the police report to confirm what happened and move your claim forward. Step 2: Contact your insurance company Reach out to your insurance company or agent to report what happened right away. You'll want to share information about the incident and verify that the loss is covered under your policy. If you're covered and decide to file a claim, you can typically do so online, through an app, over the phone, or by mail. If you choose to file by mail, your insurance company will send you the claim forms right away. Make sure to complete them and return them as soon as you can to help avoid any potential delays. Step 3: Gather supporting documents and media When disaster happens, documenting the damage may not be the first thing on your mind. However, it's important to document the damage right away — as long as it's safe to do so. Take clear photos and videos of the damage. The more details you provide, the easier it will be for your insurer to understand what happened and process your claim. Remember that all of the documentation and records you keep will help support your claim, which can help move the process forward more quickly. Step 4: Make a list of what was lost or damaged In addition to photos of the damage, go through your home and write down everything that was damaged or destroyed. You'll want to be as detailed as you can. Then make a copy of that list to give to your insurance adjuster. If you have receipts for any of the items, include those since they can help support your claim. Expert tip: Having a home inventory can simplify this step. Many insurance companies offer digital inventory tools through their apps, so it's worth checking if your insurer does to simplify this step. Step 5: Take steps to prevent more damage If your home has fire, smoke, or water damage, it's a good idea to call a restoration company to get help with cleanup ASAP and make sure your home is safe. Depending on the situation, they might board up broken windows, start drying out water damage, or set up air purifiers to clear smoke from the air. Don't forget: You'll want to check with your insurance company first about what you're allowed to clean up or repair temporarily. That way, you don't tamper with what the adjuster still needs to inspect. When it comes to repairs, your insurance company may recommend preferred contractors within its network. However, you don't have to follow their recommendation. You're typically allowed to hire your own licensed contractor, which can give you more control over the quality of the work, depending on the details of your policy. Just keep in mind that your contractor's estimate may be higher than the adjuster's. If that's the case, you'll need to work with both the contractor and your insurance company to resolve the difference and ensure everything is fair and reasonable. Learn more: How to shop for homeowners insurance Step 6: Get ready for the adjuster's visit Your insurance company typically sends an adjuster to inspect the damage. The adjuster works directly for the insurer and helps estimate the cost of repairs to determine an appropriate settlement amount. The adjuster will carefully walk through your home to inspect the damage and ask questions about what happened. It's best to prepare for their visit in advance so you can point out any damage and share your list of damaged items. Step 7: Relocate to safety (if needed) Sometimes, your home may be considered unsafe and uninhabitable after a fire or other major damage. If that's the case, your insurance adjuster or the fire department may recommend that you stay somewhere else while repairs are done. Many policies include additional living expenses (ALE) coverage, which takes care of expenses like accommodations and meals if your home is unlivable due to a covered event. If you have to live elsewhere, make sure to keep all your receipts for things like hotel stays, meals, and transportation. Step 8: Collect your payment After you and your insurance company agree on the settlement amount, they'll typically send the payment within a few days to a few weeks. In some cases, you might receive more than one check, with the first serving as an advance on your total settlement to help with any immediate repairs. If you have a mortgage, your insurer may issue the check to both you and your lender. That way, the bank can make sure you use the funds to complete the necessary repairs. Keep in mind: You might not receive the full amount all at once. It's common to receive an initial payment to help you start on repairs and then receive the remaining amount at a later date. Learn more: Is homeowners insurance required? The answer might surprise you. Step 9: Advocate for yourself If you're unclear about any step in the filing process, make sure you speak up and ask questions. It's easy for details to fall through the cracks, especially when managing a large project, so stay proactive to avoid potential delays or mistakes. When to file a homeowners insurance claim Just because you can file a home insurance claim doesn't always mean you should. And in some cases, you might not think to file a claim, but you would benefit from it. If you're not sure whether you should file a claim, check with your insurance agent. They can help you make the best decision for your situation, which will protect your coverage in the long run. But if you're still trying to decide, here are some suggestions as to when you should and when you shouldn't file a claim. Learn more: How much is homeowners insurance? A guide to lowering costs How soon should I file a claim? Homeowners insurance companies generally want you to file a claim as soon as the damage happens. In most cases, you have anywhere from a few months to a year from the date of the incident. That said, the exact amount of time you have to file depends on your policy and your state's laws. If something happens to your home, you're already dealing with enough stress. Waiting to file a claim can turn a manageable situation into a bigger hassle. Filing your claim promptly can help: Speed up the claims process Prevent more damage from happening Maintain a clear record of what happened Reduce the risk of delays (or having your claim denied) Expert tip: Check your policy or call your insurer to find out the specific deadlines that apply to you, so you can stay on top of the process. Learn more: Actual cash value vs. replacement cost: Understanding the difference in home insurance Is the damage well above your deductible? Your deductible is the amount you must pay out of pocket before your insurance coverage kicks in. If the cost of repairs is much higher than your deductible, then filing a claim probably makes sense. But if the repair costs are close to or less than your deductible, you might want to cover the expenses yourself. For example, if your deductible is $2,500 and the damage is $35,000, it's a good idea to file a claim. But on the other side of that: If you incur damages that only total $2,000, you should consider skipping the claim as you won't get paid. Plus, your insurance rates typically go up when you file a claim. Was the damage caused by poor maintenance? Home insurance is meant to cover sudden, unexpected damage — not normal wear and tear. If the damage was something preventable (like a leaky roof from years of neglect), your claim could be denied. So, before diving into a claim, make sure it's not something the insurance company would view as your fault. Have you filed multiple claims in the last few years? Filing multiple claims in a short time can raise red flags with your insurer. It may lead to higher premiums — or even a cancellation of your policy. Insurance companies track this history using something called a Comprehensive Loss Underwriting Exchange (CLUE) report. The information can stay on your record for up to seven years and influence the rate you pay for coverage. Problems like flooding, earthquakes, or sump pump backups are common exclusions in standard homeowners insurance policies. You typically need separate coverage for these types of events. So if the issue isn't covered under your policy, filing a claim likely isn't worth the effort. Up Next Up Next Risks of filing a homeowners insurance claim One of the biggest risks of filing a homeowners insurance claim is that your premium could go up. Insurance companies look at how likely you are to file a claim in the future when setting your rates, so making a claim can make you seem like a higher risk. For example, your insurer may not raise your rate if something truly unexpected happens, like storm winds knocking a tree onto your roof. But if the damage is seen as preventable, like a kitchen fire caused by unattended cooking, you may notice a jump in your premium. The three-claim rule: It's also important to know that many insurance companies follow what's called the 'three-claim rule.' If you file three or more claims within five years, they may see you as too high risk to insure at all. That could result in reduced coverage, nonrenewal of your policy, or cancellation. What NOT to do when filing a home insurance claim Here are a few things you should avoid when submitting a claim: Don't wait too long. Failing to notify your insurer immediately or missing the deadline to file a claim can lead to the insurer denying your claim. Don't let your policy lapse. If your premiums aren't up to date, your claim could be denied, even if the damage is covered under your policy. Don't assume your policy covers everything. Not understanding the details of your policy and exclusions (like flood or earthquake damage) can leave you vulnerable and may mean you have to pay out of pocket for damages. Don't skip preventative steps after damage. After a loss, insurance companies expect you to take reasonable action to prevent further damage, such as boarding up broken windows or turning off water to stop a leak. For more severe cleanup or repairs, work with a restoration company. Don't forget to keep records of everything. You'll need detailed records like photos, videos, and an itemized list of the damage. Vague or incomplete claims are more likely to get delayed or denied. Learn more: How much homeowners insurance do you need? Can my homeowners insurance claim get denied? Homeowners insurance claims get denied more often than you might think. Of the nearly 9 million homeowner claims that were closed in 2023, 37.4% were denied payment, according to Weiss Ratings. In some cases, the denial is pretty straightforward, but in others, it might not be so obvious. Here are a few common reasons your claim can get denied: You missed the filing deadline. You didn't take steps to prevent further damage after the incident. You haven't kept up with your premium payments. You filed for something that isn't covered by your policy. You falsified documents or gave misleading information. You didn't include enough documentation to back up your claim. Understanding these reasons can help you avoid filing errors and improve your chances of getting your claim approved. What to do if your claim is denied If you believe your claim was wrongfully denied, there are a few steps you can take to try to reverse the decision: Find out what led to the claim denial. Home insurance companies are required to send a formal letter explaining why they denied your claim based on the details of your policy. If the reason isn't clear-cut or you feel it was denied by mistake, reach out to the claims adjuster (and your agent, if you have one) to gain a better understanding. File a formal appeal. If you disagree with the claim denial, you can file an official appeal. Just make sure you follow the appeals process closely and include plenty of documentation to support your claim. Consult with a public insurance adjuster. Insurance companies have their own adjusters who work for them, but you can hire a public adjuster to review your claim and look out for your best interests. They typically charge up to 15% of your insurance payout. However, some may offer a complimentary review to get started. Hire an attorney with insurance claim experience. If you continue to hit a dead end, but still believe you're entitled to a settlement, your last option might be to speak with an experienced attorney. Make sure they've successfully handled property insurance cases in the past and can provide solid references. Keep in mind, though, you'll usually have to pay out of pocket for legal fees, which can add up quickly. Report it to your state's insurance department. If your claim isn't being handled fairly and you've kept up with your payments, you can file a formal complaint with your state's Department of Insurance. Expert advice: Remember that reversing a denial isn't easy, but if your policy supports your case, it's worth speaking up. How to file an insurance claim FAQs How long do you have to file a homeowners insurance claim? How long you have to file a claim depends on your insurance company, your policy, and even the state you live in. But in general, it's best to file as soon as you can. Waiting too long can slow the claims process down — or worse, get your claim denied. Filing right away helps speed things up and gives you a better chance of getting the money you need sooner. Will a homeowners insurance claim affect my rates? Yes, your rate may go up, but not always. Whether your rate increases, and by how much, depends on your insurance company. Each home insurer calculates rate changes differently, using factors like the type of claim, how many claims you've filed in the past, and the laws in your state. So, if you're unsure how a claim may impact your rate, it's a good idea to ask your insurer before filing. How long does a homeowners insurance claim affect my rates? Typically, claims stay on your CLUE report for up to seven years. Some insurers, however, may only look at the last three years of your claim history to make this determination. Always ask your insurance company, so you know what to expect. What documents do I need to file a homeowners insurance claim? When you file a claim, you'll start by providing some basic information, like your policy number, name, address, and phone number. Insurance companies will also typically ask you to fill out a claim form, which includes attaching supporting documents. That means making a list of everything that was damaged or lost, and taking clear photos and videos of the damage. This step is key, since it helps streamline the claims process and ensure you're right on track. Jamie Young and Tim Manni edited this article.
Wall Street Journal
3 days ago
- Business
- Wall Street Journal
W.R. Berkley Profit Rises Despite Continued Surge in Catastrophe Losses
W.R. Berkley's WRB -1.38%decrease; red down pointing triangle profit rose in the second quarter, even as catastrophe losses continued to climb. The Greenwich, Conn., insurance company on Monday posted a profit of $401.3 million, or $1 a share, up from $371.9 million, or 92 cents a share, in the same quarter last year.
