“There should be a roster of those companies… who paid without a hitch….”
Multiple Perils,
Rep. Gene Taylor’s new bill is in the key documents section (See: “Taylor’s Multiple Perils Act of 2007 — HR 920″). It would create a federal wind pool as part of the national flood program, but collect enough premiums to make it sound. I would only say a federal wind-flood pool certainly beats a state wind-only pool anytime. It eliminates the lame wind-water debate and creates a bigger pool. More on that later. ITP is curious as to how the industry reacts.
Ok, I pass along this cri from Mississippi not only for its anguished tone, but because it illustrates the Gulf’s increasing insurance sophistication, one of the few positives that came from Katrina.
The whole letter is on the site:
It was passed along from a trusted source. I don’t know who the author is, I’m afraid. She wants to remain anonymous because she’s afraid publicity would harm her lawsuit. But then secrecy is a hallmark of insurance litigation — just as it would, apparently, be a main feature of the erstwhile settlement between State Farm and Mississippi policyholders and the state. ITP has gotten used to the secrecy — the sealed records, the scared plaintiffs, the pitiful performance disclosure — and is resigned to relaxing (ok, “lowering”) some journalism standards, once in a while.
So here are excerpts with bold face added by me. Her house was apparently on high ground, but was denied wind coverage.
“Now unless Moses came and parted the bay in front our home…how could water have taken down a house (hers) that was on the highest point and no one else, even lower houses had any surge water?”
ITP comment: That can’t be good for the Jews.
“…they told her (a friend) that she didn’t read the policy changes, because August 1st prior to Katrina They had Deleted ‘roofs’ from wind damage!”…
ITP says: ITP has no brain and just reports what it’s told.
…”NOW if wind doesn’t cover roofs, and it doesn’t cover trees ( another friend’s case)… can anyone tell me what wind does cover?”…
ITP: Frogs? And here’s an obligatory (and fair) shot at my business:
“The media does not focus on middle class, working people who were responsible and paid out the ‘wha zoo’ for a bunch of worthless papers!”
ITP: So that’s how you spell that.
And here’s an interesting point:
“Why should the taxpayers have to pay for all of us when the majority of us HAD insurance!?”
From a storytelling point of view, most of us understand that these anecdotal tales are not enough, and unproven anonymous ones are even worse. Even if true, each case individually can be reasonably discounted as a mistake or an outlier. Aren’t 98% of all Katrina claims settled? Isn’t that pretty good? A reasonable reader could reasonably want to drill down into the facts of each case — was she really paying her premiums? Did flood do 53% of the damage or 36%. Why does she live so close to the coast? What does her policy say? Did she even read it?
What’s interesting here, though, is that this letter contains not just the problem, but the seeds of a solution. That’s here in the post-script:
“PS There should be a roster of those companies ‘ made public’ who paid without a hitch and another list that shows who didn’t pay!
And we ALL know why that list has not been put together, don’t we?
Why everyone in this country would run out and cancel the bastards that didn’t pay and run into the arms of those who did!”
Has she been ripping off Insurance Notes!(TM) and the ITP(c)(r)? And she thinks insurance companies are trouble? Why, I oughtta….
Thanks to MissBizJourno.
(Here’s the full text. I don’t know what article she’s referring to:)
“I couldn’t finish the whole article, because I just don’t believe it addresses the biggest problem of
all..the majority of insurance companies are ” Rip Offs!”
We need all out REFORM!
Here’s an example…my home and 10 others surrounding it had zero surge or ‘flood’ in our houses. I am in the middle of 11 structures still standing. The others only had wind borne roof damage..Now unless Moses came and parted the bay in front our home…how could water have taken down a house that was on the highest point and no one else, even lower houses had any surge water?
My company also denied friends of mine who have had the same company for 36 years and all they wanted was $3000 for a new roof. When my friend called to see why an adjustor wouldn’t come out they told her
that she didn’t read the policy changes, because August 1st prior to Katrina They had Deleted ‘roofs’ from wind damage!
This same company wouldn’t give wind coverage to a tree that blew a another policy holder’ s house…WITHOUT MAKING THEM PAY DOUBLE THE DEDUCTIBLE!
(And this was in Nashville )
NOW if wind doesn’t cover roofs, and it doesn’t cover trees…can anyone tell me what wind does cover?
The language in the policies should be precise. One shouldn’t have to hire a law firm to read what your coverage is.
If we had an ‘ALL PERILS” policy…there would be no questions asked!
I tell people where ever I go that the tragedy of KATRINA is NOT what happened, but what hasn’t happened!
The media does not focus on middle class, working people who were responsible and paid out the ‘wha zoo’ for a bunch of worthless papers!
I also blame the majority of mortgage companies who haven’t lifted a finger to assist people in fighting one of the most powerful entities in this country!. Their the ones who require the insurance, and they are powerful enough to help ‘their’ customers
by coming down on these ruthless, scam artists who ought to be thrown in jail for swindling the majority of us!
Everyone needs to call all congressmen and senators and tell them ‘we’ve had enough”!
Call Nancy Pelosi. She saw with her own eyes what’s happened to us and I believe she truly cares!
When i am out of litigation, I plan to take this cause on the road!
Americans had better wake up because a disaster could happen any time, any where…and it won’t be the disaster that puts you and your family in a hole, but rather the almighty, insurance companies!
PS There should be a roster of those companies” made public” who paid without a hitch and another list that shows who didn’t pay!
And we ALL know why that list has not been put together, don’t we?
Why everyone in this country would run out and cancel the bastards that didn’t pay and run into the arms of those who did!
And why does no one ‘beat the drum” REGARDING how the insurance companies got together, I believe it was in Baton Rouge, AND ” ALL l agreed to say in one fell swoop …’IT WAS FLOOD!”
Why should the taxpayers have to pay for all of us when the majority of us HAD insurance!?