10 surprising things that impact home insurance costs

The cost of homeowner’s insurance is based on more than how big your home is, where it’s located or how much stuff you own. Some insurance companies just charge more than others for the same quality and level of insurance coverage, which is why it’s so important to shop around for coverage. But there are some hidden factors that can impact rates in a big way. Here are 10 surprising things that affect your home insurance costs.

Spotlight

NCCI

Founded in 1923, the mission of the National Council on Compensation Insurance (NCCI) is to foster a healthy workers compensation system. In support of this mission, NCCI gathers data, analyzes industry trends, and provides objective insurance rate and loss cost recommendations. These activities-combined with a comprehensive set of tools and services-make NCCI the source you trust for workers compensation information. To learn more about NCCI, please visit ncci.com.

OTHER ARTICLES
Insurance Technology

Builders Risk Insurance Vs. Liability Coverage: How Each Benefit Works

Article | July 13, 2022

For construction contractors, there is nothing more important than safeguarding your works in progress. After all, if something were to damage the property and interrupt your progress, then you might face a huge financial setback. At this point, it’s critical that you have builder’s risk insurance ready and waiting. Your policy will be there to assist you following property damage at construction sites. However, your builder’s risk policy will not offer the same coverage to injuries or property damage that you cause to other parties. In this case, separate liability insurance benefits will provide the necessary benefits. Though separate from your builder’s risk policy, liability coverage is equally important. Let’s take a closer look at how these benefits work.

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Core Insurance, Risk Management

Boosting the Economy: A Top Policy Priority

Article | August 4, 2022

Americans consider boosting the economy a top policy priority over dealing with COVID-19 as the coronavirus outbreak enters its third year. The decrease in the percentage mentioning the pandemic has been particularly sharp: from 78% last year to 60% this year, dealing with the coronavirus is now seen as a top policy priority. This comes at a time when Americans see various issues as lower priorities than they did a year ago. Republicans and Democrats disagree on the significance of the majority of policy priorities, but for 11 of the 18 issues covered by the survey, the partisan divide has grown significantly. This includes double-digit increases in partisan differences on addressing issues like immigration, the political system, improving the job market, and the criminal justice system. Changing Public Priorities: The Economy, Coronavirus, Jobs The percentage of Americans, particularly Democrats, who see the economy as a significant policy issue has decreased, despite the fact that it still ranks first on the public's list of priorities. From 75% a year ago to 63% now, the percentage of Democrats and independents leaning toward the Democratic Party who believe that improving the economy should be a key priority has decreased. Republicans and GOP learners, meanwhile, have seen almost no change in their opinions (85%top priority then, 82%today). Democrats are also less inclined than they were in January of last year, before President Joe Biden's inauguration, to rank addressing the employment situation as their top priority. 71% of Democrats said jobs should be a primary priority a year ago; today, only around 50%of Democrats agree (49%). The Republicans' slide has been more subdued (from 63% to 55%). As a matter of policy, solving the issues of the poor has lost priority. Democrats continue to prioritise this policy area significantly more than Republicans, although Republicans are now less likely than Democrats to see dealing with the issues low-income families confront as a key concern (25%now vs. 35%then; 58%now vs. 68%then). Additionally, there has been a reduction in the public's opinion that strengthening the political system ought to be a major priority for policy, mostly due to Republican efforts. The proportions of voters in each party who said that reforming the political system should be a high priority were essentially the same as they were the previous year (64%of Democrats and 60%of Republicans). Now, only 40% of Republicans and 61% of Democrats believe that this should be a high priority.

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Insurance Technology

Making the digital leap in underwriting

Article | July 19, 2022

Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to inefficiencies and ineffective underwriting. The divide exists because today’s underwriting platforms have not evolved to meet the needs of a modern digital carrier. To see why, let’s take a quick look at the history of these platforms. The first generation of underwriting platforms was built to provide rating systems and core policy management needed to price and administer the underwriting of policies. The technology they run on has changed from mainframe to servers to the cloud, but the platforms themselves remain focused on managing the least information necessary to price and maintain the policy.

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5 Things Contractors Can Do About Insurance During Covid-19

Article | April 10, 2020

With the major impact of the COVID-19 outbreak, contractors appreciate the need for insurance coverage even more. You may be safely covered by Force Majeure and pandemic clauses in your policies. However, you may still be wondering how to deal with the associated costs related to the COVID-19 outbreak risks. In this article, let’s look at some of the steps you can take to handle your insurance position during the pandemic.

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Spotlight

NCCI

Founded in 1923, the mission of the National Council on Compensation Insurance (NCCI) is to foster a healthy workers compensation system. In support of this mission, NCCI gathers data, analyzes industry trends, and provides objective insurance rate and loss cost recommendations. These activities-combined with a comprehensive set of tools and services-make NCCI the source you trust for workers compensation information. To learn more about NCCI, please visit ncci.com.

Related News

Insurance Technology

Hourly.io Selects Origami Risk Core Solution to Automate Workers’ Comp Policy Rating and Issuance

Business Wire | October 17, 2023

Hourly.io, a fast-growing workers’ compensation and payroll startup, has selected Origami Risk’s multi-tenant Software-as-a-Service (SaaS) P/C core solution to bring critical automation to its breakthrough insurance platform for small and mid-sized businesses with hourly and mobile workers. Hourly will use Origami’s API to instantly quote policies. The platform integrates rates and rules from NCCI and other bureaus with Hourly’s underwriting models. Hourly combines payroll with time and attendance data to determine workers’ compensation premiums with to-the-penny accuracy in real time. The rating information will be instantly applied to applications submitted by insurance agents and brokers through Hourly’s instant quote portal. As we continue our rapid growth across the United States, choosing and deploying the best available technology has enabled us to drive down costs and streamline the rate-to-bind process for small and mid-sized employers, said Tom Sagi, Co-Founder and CEO, Hourly. Origami’s solution seamlessly integrates with our platform so we can scale while maintaining our speed, efficiency and accuracy. “Our automated solution aligns perfectly with Hourly’s objectives and the needs of its distribution network and clients,” said Christopher Bennett, Chief Strategy Officer, Core Solutions division at Origami Risk. “This proprietary capability is among several innovative solution sets we’ve developed to help carriers, pools, program administrators and other insurance providers drive efficiencies across critical functions, meet customer needs and improve overall performance.” Origami Risk offers a full suite of end-to-end, integrated SaaS solutions for policy, rating, billing, loss control and claims administration, reporting and analytics, along with a comprehensive digital engagement experience for all internal and external stakeholders. Established in 2018, Hourly offers workers’ comp insurance and an integrated platform that connects workers’ comp, time tracking, and payroll in real time—an innovation that ensures premiums are calculated with unprecedented precision. Hourly is first of its kind in the industry to bridge this gap seamlessly with a mobile-first platform. About Hourly Headquartered in Palo Alto, California, Hourly.io is an insurtech startup offering full-service payroll and workers' comp insurance for small and medium businesses with hourly workers. Powered by real-time data, Hourly's platform ensures running payroll is as quick as pressing a button and that you get accurate workers' comp premiums down to the penny. For more information, visit www.hourly.io. About Origami Risk – Core Solutions Division Origami Risk provides integrated SaaS solutions that simplify insurance, risk, and safety for insurers, managing general agents (MGAs), program administrators, third party claims administrators (TPAs), risk pools, brokers and more. Origami Risk delivers its highly configurable and completely scalable integrated insurance core system, risk management and safety solutions from a secure, multi-tenant platform accessible via web browser and mobile app. Visit origamirisk.com or contact Origami at info@origamirisk.com.

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Compliance

NEXT Insurance Revolutionizes Agent Experience with Fully Customizable Coverage for Small Businesses

PR Newswire | September 21, 2023

NEXT Insurance, a leading digital small business insurer, today announced a differentiated new offering that will enable agents to fully customize coverage quotes to better meet the needs of their small business clients. NEXT's Coverage Builder represents a fundamental leap in allowing agents the ability to micro-tailor small business quotes for their clients, all while maintaining NEXT's superior instant bind capabilities. Coverage Builder is fast, easy to use, and tailored exclusively to agents pre-purchase, equipping them with the tools they need to select the appropriate limits and fully control the coverage they're quoting. With Coverage Builder, agents can select their base policy limits, add or remove coverage or update limits post-purchase, all while benefiting from the convenience of instant underwriting and price updates. This saves agents valuable time and money, allowing them to make changes automatically without the need to pick up the phone and connect directly with an underwriter. NEXT's Coverage Builder offering furthers the company's commitment to its agents by providing a user-friendly and accessible digital quoting experience, 100% online. Coverage Builder is also available to all NEXT customers post-purchase, allowing small business owners to tailor their policies with immediate price updates and seamless policy management. "NEXT's Coverage Builder feature is 100% hassle-free," said Cody L Slocum Lammers, Commercial Lines Agent & Broker at Affordable Insurance Solutions. "This new feature sets NEXT Insurance to a new level, above its competitors, as this allows agents the flexibility to customize policies to fit the needs of each individual small business. It's user-friendly and simple to understand- this is truly a game changer for NEXT Insurance agents!" "Agents are the go-to insurance experts and know exactly the unique types of coverage small business owners need - that's why we're offering them the opportunity to customize policies for their clients instead of standardized coverage packages," said Jack Ramsey, Vice President of Agent Business at NEXT Insurance. "Now, with NEXT's Coverage Builder, we are empowering agents to instantly quote and easily customize and bind policies that will best serve their customers. As a result, small business owners will gain the peace of mind that they're only paying for the coverage they need to protect their business and livelihood." NEXT's Coverage Builder offering comes on the heels of the company's launch of commercial umbrella/excess liability coverage to support small businesses in their entrepreneurial journey. The digital small business insurer also recently announced its integration with Ivans Download™ for General Liability and Workers' Compensation policies and its strategic hire of Jack Ramsey as the company's Vice President of Agent Business. These developments are further evidence of NEXT's commitment to agents and dedication to providing them with a smoother, more intuitive insurance purchasing process for small business clients. If you're interested in working with an insurance agent through NEXT Insurance, visit our website to find an expert to help you get the right coverage at the best price. About NEXT Insurance NEXT Insurance is transforming small business insurance with simple, digital, affordable and tailored coverage. Trusted by over 480,000 business owners, NEXT offers policies that are easy to buy and provides 24/7 access to Live Certificates of Insurance, additional insured, and more. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process and provide more affordable coverage. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $881 million in venture capital funding, is rated "A- Excellent" by AM Best and has been recognized by CNBC Disruptor 50, Forbes Fintech 50, Inc.'s Best-Led Companies, and Forbes Best StartUp Employers. For more information, visit NEXTInsurance.com. Stay up to date on the latest with NEXT on Twitter, LinkedIn, Facebook and our blog.

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Core Insurance, Life Insurance

McGill and Partners announces new appointments as it continues to drive its growth agenda

Business Wire | August 14, 2023

McGill and Partners, the global boutique specialist (re)insurance broker, has announced several important leadership appointments within its US operations. Karl Hennessy, who currently leads the Global Specialty Insurance teams in London, will be appointed CEO of McGill Global Risk Solutions LLC, the US insurance and reinsurance business, and will move to New York from London, subject to visa approvals. He will be supported by John Judice, who is appointed President of the US business with immediate effect and will be responsible for driving sales and business development activity across McGill and Partners’ specialty insurance platform. Warren Mula will remain Chairman of the US business. Nirali Shah has been appointed Head of US D&O and to further support Business Development activity in the US, Daisy Jackson has been appointed Partner, Business Development, and will move to New York from London, subject to visa approvals. Alyssa Gerardi is appointed as Steve McGill’s Chief of Staff and has moved from New York to London. As Karl transitions to the US, his previous responsibilities will be taken over by our Chairman, John Lloyd. McGill and Partners works closely with many leading high-quality retail and/or wholesale brokerage firms and/or (re)insurers as well as global clients and their captives to deliver superior solutions and services to this segment. Specifically, the focus of the firm is on the design structuring and placement of world class (re)insurance solutions, particularly for larger or more complex clients. Steve McGill, CEO of McGill and Partners, said: “Since we launched four years ago, we have developed a value proposition and business model that is highly differentiated, enabling us to deliver industry leading organic revenue growth. The US is the most important (re)insurance market in the world and these leadership changes are designed to reinforce our commitment to the US market, for the benefit of all our trading partners and clients.” About McGill and Partners McGill and Partners is the fastest growing specialty (re)insurance broker in the world with a boutique approach to help clients manage their most complex and challenging needs. It was launched in 2019 and the firm has significant backing from funds affiliated with Warburg Pincus, a leading global private equity firm. McGill and Partners is a global business with centres of excellence in London and New York.

Read More

Insurance Technology

Hourly.io Selects Origami Risk Core Solution to Automate Workers’ Comp Policy Rating and Issuance

Business Wire | October 17, 2023

Hourly.io, a fast-growing workers’ compensation and payroll startup, has selected Origami Risk’s multi-tenant Software-as-a-Service (SaaS) P/C core solution to bring critical automation to its breakthrough insurance platform for small and mid-sized businesses with hourly and mobile workers. Hourly will use Origami’s API to instantly quote policies. The platform integrates rates and rules from NCCI and other bureaus with Hourly’s underwriting models. Hourly combines payroll with time and attendance data to determine workers’ compensation premiums with to-the-penny accuracy in real time. The rating information will be instantly applied to applications submitted by insurance agents and brokers through Hourly’s instant quote portal. As we continue our rapid growth across the United States, choosing and deploying the best available technology has enabled us to drive down costs and streamline the rate-to-bind process for small and mid-sized employers, said Tom Sagi, Co-Founder and CEO, Hourly. Origami’s solution seamlessly integrates with our platform so we can scale while maintaining our speed, efficiency and accuracy. “Our automated solution aligns perfectly with Hourly’s objectives and the needs of its distribution network and clients,” said Christopher Bennett, Chief Strategy Officer, Core Solutions division at Origami Risk. “This proprietary capability is among several innovative solution sets we’ve developed to help carriers, pools, program administrators and other insurance providers drive efficiencies across critical functions, meet customer needs and improve overall performance.” Origami Risk offers a full suite of end-to-end, integrated SaaS solutions for policy, rating, billing, loss control and claims administration, reporting and analytics, along with a comprehensive digital engagement experience for all internal and external stakeholders. Established in 2018, Hourly offers workers’ comp insurance and an integrated platform that connects workers’ comp, time tracking, and payroll in real time—an innovation that ensures premiums are calculated with unprecedented precision. Hourly is first of its kind in the industry to bridge this gap seamlessly with a mobile-first platform. About Hourly Headquartered in Palo Alto, California, Hourly.io is an insurtech startup offering full-service payroll and workers' comp insurance for small and medium businesses with hourly workers. Powered by real-time data, Hourly's platform ensures running payroll is as quick as pressing a button and that you get accurate workers' comp premiums down to the penny. For more information, visit www.hourly.io. About Origami Risk – Core Solutions Division Origami Risk provides integrated SaaS solutions that simplify insurance, risk, and safety for insurers, managing general agents (MGAs), program administrators, third party claims administrators (TPAs), risk pools, brokers and more. Origami Risk delivers its highly configurable and completely scalable integrated insurance core system, risk management and safety solutions from a secure, multi-tenant platform accessible via web browser and mobile app. Visit origamirisk.com or contact Origami at info@origamirisk.com.

Read More

Compliance

NEXT Insurance Revolutionizes Agent Experience with Fully Customizable Coverage for Small Businesses

PR Newswire | September 21, 2023

NEXT Insurance, a leading digital small business insurer, today announced a differentiated new offering that will enable agents to fully customize coverage quotes to better meet the needs of their small business clients. NEXT's Coverage Builder represents a fundamental leap in allowing agents the ability to micro-tailor small business quotes for their clients, all while maintaining NEXT's superior instant bind capabilities. Coverage Builder is fast, easy to use, and tailored exclusively to agents pre-purchase, equipping them with the tools they need to select the appropriate limits and fully control the coverage they're quoting. With Coverage Builder, agents can select their base policy limits, add or remove coverage or update limits post-purchase, all while benefiting from the convenience of instant underwriting and price updates. This saves agents valuable time and money, allowing them to make changes automatically without the need to pick up the phone and connect directly with an underwriter. NEXT's Coverage Builder offering furthers the company's commitment to its agents by providing a user-friendly and accessible digital quoting experience, 100% online. Coverage Builder is also available to all NEXT customers post-purchase, allowing small business owners to tailor their policies with immediate price updates and seamless policy management. "NEXT's Coverage Builder feature is 100% hassle-free," said Cody L Slocum Lammers, Commercial Lines Agent & Broker at Affordable Insurance Solutions. "This new feature sets NEXT Insurance to a new level, above its competitors, as this allows agents the flexibility to customize policies to fit the needs of each individual small business. It's user-friendly and simple to understand- this is truly a game changer for NEXT Insurance agents!" "Agents are the go-to insurance experts and know exactly the unique types of coverage small business owners need - that's why we're offering them the opportunity to customize policies for their clients instead of standardized coverage packages," said Jack Ramsey, Vice President of Agent Business at NEXT Insurance. "Now, with NEXT's Coverage Builder, we are empowering agents to instantly quote and easily customize and bind policies that will best serve their customers. As a result, small business owners will gain the peace of mind that they're only paying for the coverage they need to protect their business and livelihood." NEXT's Coverage Builder offering comes on the heels of the company's launch of commercial umbrella/excess liability coverage to support small businesses in their entrepreneurial journey. The digital small business insurer also recently announced its integration with Ivans Download™ for General Liability and Workers' Compensation policies and its strategic hire of Jack Ramsey as the company's Vice President of Agent Business. These developments are further evidence of NEXT's commitment to agents and dedication to providing them with a smoother, more intuitive insurance purchasing process for small business clients. If you're interested in working with an insurance agent through NEXT Insurance, visit our website to find an expert to help you get the right coverage at the best price. About NEXT Insurance NEXT Insurance is transforming small business insurance with simple, digital, affordable and tailored coverage. Trusted by over 480,000 business owners, NEXT offers policies that are easy to buy and provides 24/7 access to Live Certificates of Insurance, additional insured, and more. Revolutionizing a historically complicated insurance industry, NEXT utilizes AI and machine learning to simplify the purchasing process and provide more affordable coverage. Founded in 2016, the company is headquartered in Palo Alto, has received a total of $881 million in venture capital funding, is rated "A- Excellent" by AM Best and has been recognized by CNBC Disruptor 50, Forbes Fintech 50, Inc.'s Best-Led Companies, and Forbes Best StartUp Employers. For more information, visit NEXTInsurance.com. Stay up to date on the latest with NEXT on Twitter, LinkedIn, Facebook and our blog.

Read More

Core Insurance, Life Insurance

McGill and Partners announces new appointments as it continues to drive its growth agenda

Business Wire | August 14, 2023

McGill and Partners, the global boutique specialist (re)insurance broker, has announced several important leadership appointments within its US operations. Karl Hennessy, who currently leads the Global Specialty Insurance teams in London, will be appointed CEO of McGill Global Risk Solutions LLC, the US insurance and reinsurance business, and will move to New York from London, subject to visa approvals. He will be supported by John Judice, who is appointed President of the US business with immediate effect and will be responsible for driving sales and business development activity across McGill and Partners’ specialty insurance platform. Warren Mula will remain Chairman of the US business. Nirali Shah has been appointed Head of US D&O and to further support Business Development activity in the US, Daisy Jackson has been appointed Partner, Business Development, and will move to New York from London, subject to visa approvals. Alyssa Gerardi is appointed as Steve McGill’s Chief of Staff and has moved from New York to London. As Karl transitions to the US, his previous responsibilities will be taken over by our Chairman, John Lloyd. McGill and Partners works closely with many leading high-quality retail and/or wholesale brokerage firms and/or (re)insurers as well as global clients and their captives to deliver superior solutions and services to this segment. Specifically, the focus of the firm is on the design structuring and placement of world class (re)insurance solutions, particularly for larger or more complex clients. Steve McGill, CEO of McGill and Partners, said: “Since we launched four years ago, we have developed a value proposition and business model that is highly differentiated, enabling us to deliver industry leading organic revenue growth. The US is the most important (re)insurance market in the world and these leadership changes are designed to reinforce our commitment to the US market, for the benefit of all our trading partners and clients.” About McGill and Partners McGill and Partners is the fastest growing specialty (re)insurance broker in the world with a boutique approach to help clients manage their most complex and challenging needs. It was launched in 2019 and the firm has significant backing from funds affiliated with Warburg Pincus, a leading global private equity firm. McGill and Partners is a global business with centres of excellence in London and New York.

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