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Windstorm Insurance
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5/27/2006 10:38:00 PM | Couple Gets $13M in Tornado Damage Suit 
=(0) In a case that could be seen as encouraging to last year's hurricane victims, a couple won a $13 million judgement against State Farm Fire & Casualty Co. in Oklahoma for tornado-related damages. It was part of a class-action suit claiming that State Farm intentionally underpaid policyholders after tornados destroyed their homes in 1999. A...
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5/27/2006 1:07:00 AM | Windstorm insurance rates set to increase =(0) The Texas Windstorm Association (Windpool) will be allowed to raise its rates 3.1% for home policies and 8% for businesses according to a decision by Texas Insurance Commissioner Mike Geeslin. The increase is substantially less than the association had requested. The Windstorm Association expects as much as a 60% increase in participants ...
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5/25/2006 10:54:00 AM | Judge rules against State Farm in suit over flood exclusions =(0) State Farm has lost a round in a lawsuit over hurricane damage in Mississippi. A judge ruled that the wording in State Farm's policy was "ambiguous" and "unenforceable" because it contained some contradictions - for example, coverage due to wind damage would be denied if the wind acted together with an excluded event such as tidal surge. ...
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5/24/2006 7:17:00 PM | Changes in wind insurance affecting TX Gulf Coast =(0) Allstate has joined other insurance companies in discontinuing wind damage coverage for properties along the Texas Gulf Coast. Homeowners will have to find another company, or, as a last resort, enter the Texas Wind Pool, a state-run insurance plan. Wind Pool coverage might involve headaches of its own, as certain repairs or improvements...
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5/24/2006 6:35:00 AM | Insurance public hearing set =(0) The State of Mississippi will hold public hearings in June concerning proposed rate increases by the Mississippi Windstorm Underwriting Association, also known as the "Windpool", which insures thousands of homes and businesses in the highest risk coastal areas of the state. The State Insurance Commissioner must decide whether to approve rate i...
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5/17/2006 12:38:00 PM | Consumer Complaints Lead to Probe of Hurricane Claims of La. ... =(0) In Louisiana, the Department of Insurance has ordered market conduct examinations of insurance companies Allstate and St. Paul/Travelers. Due to a large volume of customer complaints, the Department will probe the manner in which these companies handled claims resulting from Hurricanes Katrina and Rita. The Department then intends to revi...
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4/26/2006 6:12:00 AM | Insurers canceling coastal policies =(0) Many insurance companies are canceling or refusing to sell policies to homeowners all along the Atlantic and Gulf Coasts of the United States. In Florida, more than a half million homeowners policies are in jeopardy, while in Mississippi, premiums are expected to rise by 400%. A combination of recent and forecast hurricane activity and in...
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3/28/2006 2:32:00 PM | Florida Lists How to Obtain Wind Insurance Incentives =(0) The State of Florida is offering wind insurance incentives; that is, if homeowners take certain measures to strengthen their homes, they may qualify for discounts on their insurance policies. This article outlines ways in which to do this and references the Florida Department of Financial Services Website: http://www.fldfs.com/.........
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3/28/2006 4:15:00 AM | Dale wants answer on wind claims =(0) The struggle continues over vague wording in insurance policies as insurers attempt to deny claims from Hurricane Katrina victims. A US District Judge ruled that Allstate cannot hide behind ambiguous clauses, and the Mississippi State Insurance Commissioner has written to State Farm, demanding explanations of their decisions. The insurance companie...
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3/26/2006 12:45:00 AM | Windstorm pool pushes for bonds =(0) The Texas Windstorm Insurance Association recommends legislation that would approve $800 million in bonds to fund areas vulnerable to hurricane devastation. The association is underfunded at present..........
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3/25/2006 6:13:00 AM | Allstate loses Katrina ruling =(0) An Allstate Insurance unit has lost a ruling to dismiss the lawsuit brought by several victims of Hurricane Katrina who allege that their insurance claims were denied in bad faith. Although merely a ruling on a specific part of the case, this may be a harbinger of things to come in the cases of many Hurricane Katrina victims who have water damage t...
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3/23/2006 6:19:00 AM | Suit accuses State Farm of fraud =(0) A Mississippi couple is suing State Farm Insurance Co. for denying their claim after their home was destroyed by Hurricane Katrina. It is one of many disputes over whether the home was destroyed by wind (covered by insurance) or flood water (not covered). In this case, two conflicting engineering reports surfaced and the insurance company acted on ...
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3/19/2006 5:42:00 PM | Disaster Preparedness - Five Top Tips Everyone Needs to Know when =(0) This article outlines steps to take for disaster preparedness. It recommends verifying if you have flood and windstorm insurance and if not, to consider purchasing it. This is something that must be planned ahead, for it is not sold during an impending disaster.......
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3/6/2006 6:21:00 PM | Insurance Trade Group Sees Storm Brewing in Texas =(0) The Texas Windstorm Insurance Association is inadequately funded, according to insurance industry spokespeople. With predictions of another active hurricane season, worries are that the fund, already depleted after Hurricane Rita, would have to dip into the Texas General Revenue Fund to cover claims. The Association calls for changes in legislation...
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