Miss. Commissioner, AG Upset Over State Farm Cutback

February 15, 2007

  • February 15, 2007 at 7:03 am
    Duke says:
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    Oh, Ralph. Now the screaming is going to start. Apparently some of the claims were that there was flood damage and the flood policies paid but there was also other damage to the building from wind and the farm declined to pay because the flood policy had paid.
    SO I figured I\’d jump in before the brawl starts.
    I think some people have a beef. Some people are wanting to be paid twice.
    Here\’s what it looks like in SOME cases. example: Your car gets a broken windshield on the way to work. Then just before you turn in the parking lot you get slammed by a big ol truck, totals car. Some of these claims are people wanting to get paid for the totalled car plus the windshield.
    Please note I said some not most or all of the claims. Get your earplugs out.

  • February 15, 2007 at 8:05 am
    Insured by State Farm says:
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    What are we loosing if they pull out?
    They won\’t pay for the worst in history without a Judge forcing them to pay.
    It is sad that Americans cannot buy Insurance to Protect their homes.
    The Policy does not provide financial protection. Wake up and seek the truth.

    I don\’t like being held hostage.

    I don\’t like paying large sums of money forA Policy that does not pay for Hurricane Damage but has extra deductibles once a hurricane is declared.

    Rising flood waters & wind=Hurricane
    Duh…

    Make them all Leave the USA
    or
    Sell An Honest Policy.

  • February 15, 2007 at 8:07 am
    William says:
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    Its business. Let them do what they want to do. Capitalism tells us that the void will be filled.

    The problem here is in determining what is fair. Would it be fair to pay in full a claim on a house that had obviously been subjected to surge and had no flood insurance? NO. Nor would is it fair for the companies to hide behind the water and deny that any wind damage occured. Their asertation that if surge washes it away we dont pay is written such that its ambiguous at best. All most ever wanted was a fair settlement based on some wind damage.

    Then throw in the unapproved \”wind protocol\” and they backed themselves in a corner when early adjuster reports and eng reports didnt fit what they wanted to pay.

    It will all shake out.

  • February 15, 2007 at 9:49 am
    Hal says:
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    If someone at your business makes your secretary wash his car, you should not be shocked when the secretary quits. She didn\’t understand that washing bubba\’s car was in her job description.
    Now you can argue that she should have understood that all employees of the company work for the whole of the company. Or you can say that bubba\’s a boob. But the fact is that she is going to work somewhere else.
    State Farm should be free to also make that choice.

  • February 15, 2007 at 10:55 am
    Mjolnir says:
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    The company paid claims, just not all of them. They continued to write business and pay taxes into your state coffers. Then you come out against them and allow lawsuits to proceed, even after they\’ve made it clear to anyone invoved with insurance that they\’re not happy about that.

    Did Mississippi really expect SF to just start coughing up money? How do you think they amassed 50 billion dollars? You get rich by getting money and keeping it, not giving it away.

    Talk about killing the goose that lays the golden egg. Wait until MS sees what happens when your only choice for coverage is a regional without deep pockets.

    Florida and Louisiana better be paying attention.

  • February 15, 2007 at 11:11 am
    Sick of Insurance says:
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    Sick-em…Mr.Hood !
    We will check mate them all.

  • February 15, 2007 at 1:48 am
    Melanie Hodges says:
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    I know people all over this great country. We would love if State Farm would GET OUT! I will tell you what we EXPECT. For All the FRAUD TO STOP. NO MoRE BIG BOYS. We WILL SEE THE LAW DO ITS JOB NO MORE LOOKING AWAY. STOP SELLING YOUR SOUL FOR MONEY. That my Friend is what the people of this great county EXPECT NO MORE AND NO LESS. I Hope You get it. It Is Time To Stand Up. Melanie Hodges

  • February 15, 2007 at 1:54 am
    Realist says:
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    Who are you yelling at Melanie? Yourself?????
    Get ready to lay in the bed you help make. Now you can deal with the state program or no one at all.
    R-E-S-P-O-N-S-I-B-I-L-I-T-Y

  • February 15, 2007 at 2:04 am
    DDT says:
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    Ah yes… we all hate the big boys.

    The problem is, is that nobody out there is in a position to take on the amount of risk that State Farm has taken on and I think that is obvious.

    States love to beat up on them, continually reinterpreting coverages and exclusions when they feel that their constituents are not being treated fairly.

    Case and point… below is a standard flood exclusion

    “We will not pay for physical loss resulting directly or indirectly by any of the following. Such physical loss is excluded regardless of any other cause or event contributing concurrently or in any sequence to the physical loss. These exclusions apply whether or not the physical loss event results in widespread damage or affects a substantial area.

     Flood, surface water, waves, tidal water, overflow of a body of water, or spray from any of these, whether or not driven by wind”

    Now tell me how a prudent individual would be able to interpret this exclusion to include flood coverage?

    Yes, lets hate the big boys until you desperately need them… and then beg them to come back. One of these days they won’t.

  • February 15, 2007 at 2:08 am
    Hal says:
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    Small insurors need insurors too. Some are very stable. Let them buy insurance from the little guys. When they find their insuror made less money last year than their poorest customer and the company is closing after a summer storm, they\’ll find out how important for the insurance company to be rich. put rich in quotes
    They\’ll also find that the guaranty fund is nothing to depend on.



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