Insurance: Catastrophic coverage the answer? -The Clarion-Ledger- Real Mississippi

Insurance: Catastrophic coverage the answer? -The Clarion-Ledger- Real Mississippi: "Said one: 'Haley has been right on the money for every key Coast issue and we need to encourage him to help get HR 920 passed. If it passes, the Coast will boom and Mississippi will never be last again.'"

SunHerald.com : Slow recovery a surprise to insurance giant Lloyd's

SunHerald.com : Slow recovery a surprise to insurance giant Lloyd's: "PASS CHRISTIAN --
The recovery's slow pace surprised Lloyd's of London insurance broker Frank Murphy and other insurance executives who toured the Coast Wednesday with two members of the state's wind pool board."

Clarksdale Press Register

Clarksdale Press Register: "The enormous impact from Hurricane Katrina should leave Mississippians wondering if they should live 'in harm's way,' State Insurance Commissioner George Dale told Clarksdale Noon Lions Friday.
Dale said Katrina, 'the worst natural disaster in U.S. history,' not only devastated the Gulf Coast and a vast number of other Mississippi communities, but put an undue burden on insurance companies."

WLOX-TV - The News for South Mississippi: Home

WLOX-TV - The News for South Mississippi: Home: "Dale: State Farm To Reopen All Coastal Mississippi Cases
Commissioner of Insurance George Dale announced today that State Farm will begin an accelerated process to reopen and readjust all Hurricane Katrina claims upon request in the Mississippi coastal counties. According to Dale, State Farm has agreed to make millions of dollars available for additional payments to policyholders in Hancock, Harrison, and Jackson counties."

A Pass Christian Woman Launches A Grass Roots Effort To Support A Flood Insurance Bill
Tracy Rouyer has been burning up the keys on her laptop ever since Congressman Gene Taylor introduced a bill that would add an amendment to the National Flood Insurance Act to include windstorm coverage. She's e-mailed drafts of the bill to everybody she can think of. Al Showers has more

WLOX-TV - The News for South Mississippi: Bill Introduced To Hold Insurance Companies Accountable

WLOX-TV - The News for South Mississippi: Bill Introduced To Hold Insurance Companies Accountable: "Senator Patrick Leahy (D-Vt.), Chairman of the Judiciary Committee, joined with Senate Democratic and Republican leaders to introduce a bipartisan bill Thursday that would make insurance companies abide by the same anti-trust laws as every other industry."

State Farm Says No New Commercial/Homeowner Policies In Mississippi
State Farm Insurance Cos. is suspending sales of any new commercial or homeowner policies in Mississippi effective Friday, citing in part a wave of litigation it has faced after Hurricane Katrina, a company official said Wednesday. Mike Fernandez, vice president of public affairs for State Farm, said Mississippi's "current legal and political environment is simply untenable. We're just not in a position to accept any additional risk in this homeowners' market."

The Sun Herald | 02/01/2007 | Wind pool plan passes

The Sun Herald | 02/01/2007 | Wind pool plan passes: "Wind pool plan passes
House displays rare show of bipartisanship
By GEOFF PENDER
capitalbureu@aol.com

JACKSON - The Coast's House delegation put forth a rare, unified and nonpartisan front in pushing for relief from the post-Katrina insurance crisis and on Wednesday it paid off, with a rare, unified vote of the House to approve the plan.

Perhaps most remarkable, inland lawmakers in the usually territorial House, during an election year, approved a bill to help the Coast that could cost their constituents money on their insurance premiums."

SunHerald.com : Biloxi and Gulfport News, Casinos, Jobs, Real Estate, Sports and Cars

SunHerald.com : Biloxi and Gulfport News, Casinos, Jobs, Real Estate, Sports and Cars: "U.S. District Court Judge L.T. Senter Jr.
REJECTED
Senter gives State Farm settlement the axe
By ANITA LEE, calee@sunherald.com
Coast policyholders and attorneys roundly applauded U.S. District Court Judge L.T. Senter Jr.'s decision to reject a proposed class-action settlement of State Farm Fire and Casualty Co.'s Katrina claims."

Gulf Coast News - Your Mississippi Coast News Source

Gulf Coast News - Your Mississippi Coast News Source: "Scruggs' Law firm May Receive $46 Million in State Farm Katrina Lawsuit Settlement - Clarion Ledger"

Although we had a break in the weather today and I woke up to sunshine, I didn't drive around snapping pictures. The realization came to me that it has become the focal point of my life and that didn't set too well with me. I am tired of living in Katrina's aftermath and wish I could just make it disappear. A steady diet of mayhem will bring the strongest down. When I write, what can I talk about? Who wouldn't be tired of the same subject. Diversified subjects but still all words lead back to Katrina.

State Farm made a settlement with policyholders which I don't agree with. Everybody knows insurance doesn't pay for water damage. As far back as 1969 when Camille hit the coast, I knew it then and so do the people that sued. Camille had very little rain with it but her fierce winds blew rain water under our front door and ruined "parquet" floors in the foyer. We knew we would not be compensated, the policy clearly stated that.. The wind blew every shingle from our roof and we were paid as the policy covered it. So what made it so different now? Nothing changed. My daughter, her husband, four children and myself stayed in their home during Katrina. There was lots of water ... had the storm lasted longer the house would have collapsed from the water pouring in. There are pictures of collapsed houses with the shingles still on the roofs. I shudder when I think of the repercussions that it will bring to policyholders statewide.

On a lighter note, someone sent me a song today and I have no idea what the title is .. maybe you can help!

Unknown Title

I recently received this letter from my home and auto insurer:


MET LIFE AUTO & HOME

08/23/06

Policy Number: 3000000000

EXCLUSIONS TO YOUR HOMEOWNERS POLICY

PLEASE READ

MetLife Auto and Home is pleased to provide you with one of the most comprehensive residential property policies in the industry today. It is important to note, however, that your policy contract contains certain exclusions for flood and earthquake coverage. This is a standard practice among property and casualty insurers.

Please read your policy contract carefully. Your homeowners policy does not provide coverage for damage from floods and flood protection is not available as a coverage option on your policy. The notice on the reverse side tells you how you may be able to obtain flood coverage should you choose to do so.

What's more, if your policy excludes coverage for damage resulting from an earthquake, a notice with detailed information regarding the exclusion appears on the reverse of the page. If your policy currently includes optional Earthquake and Volcanic Eruption coverage, it will be listed on your Declaration Page and no exclusion notice is contained on the reverse.

If you would like more information or wish to add Earthquake coverage policy, please see "How to Reach Us" in the front of your policy package for your choice of contact options.

THANK YOU FOR INSURING WITH US.

After all the insurance hype that has been going on, my compulsion to talk about my dilemma from yet another angle has finally surfaced. From May 2003 to May 2005 I lived with my daughter and son in law. As the size of their family grew and the noise reached a decibel that I could no longer handle at my age, I moved to my own house.

I went to the company that insured my car for $520.00 every six months and also obtained a homeowner's policy for $1701.00 a year. Katrina struck in August 2005 and my home didn't flood. No claim was filed. In November I received a form letter saying they would not be rewriting my policy.

Within days of their letter I obtained a homeowner's policy for $1262.00 a year and every six months on my car at a rate of $383.00. Would be effective December 30th. Was feeling great about the change because it was much lower than previous policies.

On January 17, 06 I received a letter from my new insurance company that reads as follows:

"Recently, an authorized representative conducted an inspection of your home and found it to be in good overall condition. However, we did note that there is minor paint peeling on the fascia. It should be scraped and repainted to prevent any further damage or loss to the fascia.

Prompt attention to these repairs will help you avoid larger expense and enable us to continue to provide you with homeowner's coverage that you have come to know and trust.

We are asking that the repairs to the areas noted be completed as soon as possible. Please forward proof of repairs once the work is complete. Proof of repairs may include, but is not limited to, work receipts, photos or a complete work order.

Please call us so your homeowner's policy can be re-evaluated along with the proof of repairs, prior to its next renewal.

Our ability to continue your property insurance protection and offer you a renewal policy will be based, in part, on your completion of the repairs that have been recommended."

I am not going to have anything done to the fascia but eventually paint it myself. My point here is that I believe they are just trying to recoup some of the money they lost in paying out claims and will drop me anyway as they will many more policyholders.

Also they contradict themselves in the letter by saying repairs to be completed as soon as possible and then later say to call them prior to renewal. My renewal is next December.

Most people don't file claims on real damages to their homes because the premium increases. A $400.00 payout from an insurance company can cost you an additional $1000.00 a year.

Thanks to those who took time to read about yet another situation here in Mississippi. You know, like we don't have enough to contend with!