Happy Wednesday! In this week's Big I Buzz, we are discussing yesterday's Issues Briefing, surprising events covered by homeowners insurance and the 2023 prediction for commercial property insurance.

Issues Briefing: FTC's Proposed Rule on National Ban of Noncompete Agreements

Yesterday, the IIAW hosted a 30-minute issue briefing on the FTC's proposed rule banning noncompete agreements. During this briefing, IIAW's CEO, Matt Banaszynski, walked through the proposed rule, the FTC's rulemaking process and key takeaways. If you missed the briefing, you can watch it here. For a copy of Matt's presentation, click here.  We have opened access to these materials to all independent agencies, regardless of membership, due to the importance of this issue.

The IIAW and IIABA will continue to monitor and work closely with the FTC to make sure our members' voices are heard as this rule makes it way through the FTC rulemaking process. The IIAW and IIABA will be engaging with the FTC and will provide comments to the FTC on our stance regarding this proposed rule. We will continue to review the proposed rule and we'll be providing updates as they come in. 

If you have any questions, please reach out to Matt at matt@iiaw.com. 

A Dozen Surprising Events Covered By Homeowners Insurance

Research from insurance.com and bankrate.com has listed a dozen unusual losses that homeowners may be surprised to learn are covered by their property insurance: 

1. Lawsuits - "A homeowner's personal liability insurance clause would cover litigation related to an event at the home such as a child's trampoline accident or an icy-sidewalk fall."

2. Things that fall from the sky - "Damage from meteors, airplane parts and other things that may drop onto an insured residence is covered."

3. Meteorites - "Just like the destruction from other objects that may fall from the sky, damage from 'space junk' is covered."

4. Hot Lava - While homeowners need separate policies for flooding or earthquakes, damage from a volcanic eruption is often covered. However, this coverage may be limited to the immediate residence and its contents."

5. Robbery - "Possessions stolen from the home are covered."

6. Rotten Food - "Homeowners have a valid claim should vittles in the "fridge go bad due to an unforeseen event such as a power outage."

7. Headstones - "These are considered a personal possession and are therefore covered should they crack, become crushed or defaced by an act of vandalism. 

8. Violent Crime - "Few events have the potential to make an unprecedented mess inside a home like a murder, suicide or unattended death. The cost of correcting the damage from such violence is often covered."

9. Identity Theft - "This is often provided through an optional homeowners-insurance rider. That coverage could come in handy as correcting identity theft can take house and cost thousands of dollars. "

10. Damage Outbuildings - "Homeowners who take advantage of "other structure coverages" as part of their insurance will find they have a claim when fences, guest houses, detached garages, mailboxes or sheds are damaged."

11. Pet Bites or Attacks - "Personal liability coverage as part of a homeowner's policy comes into play should an animal owned by the homeowner get out of line."

12. Hotel Expenses After a Covered Loss - "Should a policyholder need to relocate during repairs following a house fire or other covered loss, that expense would be covered." 

Read more here. 

Property Insurance Rates to Keep Surging in 2023

According to market experts, "Commercial property insurance buyers can expect further rate hikes this year due to a confluence of factors, with catastrophe-exposed and loss-hit accounts bearing the brunt of tightening capacity and increases of 25% or higher. 

Last week, Gallagher Re released a report that stated property catastrophe reinsurance rates for loss-hit U.S. accounts jumped between 45% and 100% at Jan. 1 renewals and that the effect from this is unclear at this time. Read more from Business Insurance here. 

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