New Insurance Law Riling Residents of Storm Damaged Okla. Town

June 18, 2008

  • June 18, 2008 at 4:39 am
    Nobody Important says:
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    Are these people trying to profit from the damage by collecting twice or aren’t they being offered fair buyouts? The article isn’t clear on why they expect to get apparently more money than their property is worth.

  • June 19, 2008 at 10:35 am
    Agent X says:
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    I think the issue isn’t with the amount of money they get, it’s those who had insurance and paid premiums vs those who were uninsured and both getting the same percentage for their buyout. An easy fix would be to refund and/or credit part of the insurance premiums back to those who paid them.

  • June 19, 2008 at 4:56 am
    AZAZ says:
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    If there are 800 homes left – Census in 2005 shows median home value to be $24,700 – even at $70,000 (close to the average OK home) that would be $56,000,000 – didn’t they say there was $60,000,000 for the buyout?

    Last time I looked, Insurance is only to restore the to same status at the time of loss – I seriously doubt that any of them were carrying RC on their homes knowing the couldn’t sell them.

    Sooooo these people think they should get the insurance money [and] the buyout – and &$@# about their neighbor getting the same value for their home as they would because they didn’t carry insurance? Like they could sell their house to anyone anyway?

    I’m not familary with personal lines – only commercial E&S –

    Here’s the rub…. Would the “buyout” be considered “insurance” because they were going to get it regardless and make the homeowners policy excess?

    I know… slap me cauz I don’t know my HO coverages – shame on me if I ever found myself in the same situation!

    For stats – go to citydata.com
    Estimated median house/condo value in 2005: $24,700 (it was $20,700 in 2000)
    Picher $24,700
    Oklahoma: $89,100

  • July 16, 2009 at 11:26 am
    Lucille Troxell says:
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    That new insurance law is CRAP!when you buy any Ins and makeing premuims,that Ins had better pay off!this is my opinion,but it sounds to me as this REP Larry Glenn od Miami and this SEN Charles Wyrick from Fairland Okla that push for this STUPED Law was maybe geting a KICK back from some one.I some times ask myself are we in the USA or USSR.MY OPINION.



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