Todayâ€™s News: Trends Impact Home Insurance, IIHS Warns of Low-Speed Vehicles and Technology Could Lower Life Insurance Costs
While recent trends in the world of home insurance appear to be increasing costs for homeowners, new technology in the world of life insurance could lower costs. Also, the Insurance Information Institute is warning drivers about the dangers of low-speed vehicles on the road.
Trends in Home Insurance Are Affecting Costs
New issues in the world of home insurance, including living in coastal areas, lower home prices and credit scores, have an effect on prices in the industry. According to Consumer Reports, even Chinese drywall issues are having an effect as homeowners find themselves displaced and having to pay for repairs associated with this problem.
Some think these new trends may be a new part of the home insurance fabric. And unfortunately, Consumer Reports predicts that these trends could permanently increase the price that homeowners are charged for coverage. (The Examiner)
Insurance Institute for Highway Safety Warns about Low-Speed Vehicles
The Insurance Institute for Highway Safety recently revealed that low-speed vehicles need to stay off of public roads after completing a recent round of crash testing. The organization hoped that the tests would convince low-speed vehicle owners to stop sharing the roads with regular traffic due the dangers involved.
While 45 states have passed laws allowing electric vehicles in areas with speed limits of 35 miles per hour or less, the cars are less secure, prompting IIHS to warn against the practice to increase safety and protect auto insurance rates. (New York Times)
SmartSAFE Electronic Signature Could Lower Life Insurance Costs
eSignSystems announced today that it would conduct demonstrations of its SmartSAFE electronic signature and vaulting solution at the 2010 ACORD LOMA Insurance Systems Forum. The new technology would allow policyholders to sign documents from the comfort of their homes.
The company notes this convenience would speed up the process of new applications and could eliminate or reduce costs associated with handling and faxing paper documents. The good news is that this technology could not only add convenience to life insurance policyholders, but also lower costs as well. (Market Watch)