Will companies now start excluding wild fires? Will those in the high risk areas pay more for fire insurance? Is that not what coastal communities are facing – just relating to wind not fire….
Fires, Hurricanes and Tornado\’s, oh my! It would not surprise me in the least that State Farm would try to deny a fire claim on a homeowners policy.
These fires are a serious concern though. In Florida the sky has been hazy for over a week now due to the fires from GA and in the Everglades. Also due to the drought comes the water restrictions. My car and dog both need a bath.
No doubt the companies will start raising our homeowner\’s premiums due to these fires.
In June 2006, Garamendi ordered Allstate, State Farm, Farmers and Safeco Insurance to justify their homeowner rates. The move was prompted by the Department of Insurance comprehensive study of homeowners and auto insurance rates which revealed that four of the state\’s largest homeowners\’ insurers were paying far less than 50 cents of each premium dollar to settle policyholder claims. The four insurers account for 51% of the California homeowners\’ insurance market. The study, called \”Lower Claims, Higher Profits: Where Do Your Premium Dollars Go?\” disclosed the historically low loss ratios that insurers have experienced over the past two years.
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Will companies now start excluding wild fires? Will those in the high risk areas pay more for fire insurance? Is that not what coastal communities are facing – just relating to wind not fire….
we should ask Pat Robertson what God is punishing us for. Maybe for electing Bush/Cheney
Fires, Hurricanes and Tornado\’s, oh my! It would not surprise me in the least that State Farm would try to deny a fire claim on a homeowners policy.
These fires are a serious concern though. In Florida the sky has been hazy for over a week now due to the fires from GA and in the Everglades. Also due to the drought comes the water restrictions. My car and dog both need a bath.
No doubt the companies will start raising our homeowner\’s premiums due to these fires.
In June 2006, Garamendi ordered Allstate, State Farm, Farmers and Safeco Insurance to justify their homeowner rates. The move was prompted by the Department of Insurance comprehensive study of homeowners and auto insurance rates which revealed that four of the state\’s largest homeowners\’ insurers were paying far less than 50 cents of each premium dollar to settle policyholder claims. The four insurers account for 51% of the California homeowners\’ insurance market. The study, called \”Lower Claims, Higher Profits: Where Do Your Premium Dollars Go?\” disclosed the historically low loss ratios that insurers have experienced over the past two years.