| State Farm witnesses say Katrina's water, not wind, destroyed home | | Posted Thursday, January 11, 2007 3:02:47 PM by Blog57 Team | | GULFPORT, Miss. A federal judge today (Wednesday) ordered into mediation dozens of lawsuits filed against insurance companies after Hurricane Katrina, even as expert witnesses told a jury that the storm's water, not its winds, reduced a Biloxi home to a slab. Several of the cases sent to mediation by U-S District Judge L-T Senter Junior, were involved in recent settlement talks between State Farm Fire and Casualty Company, Mississippi Attorney General Jim Hood and policyholders' lawyers. The case on trial this week was not part of the settlement talks. The timing of Senter's order appeared to be a coincidence. Lawsuits filed against State Farm on behalf of Senator Trent Lott and Representative Gene Taylor are among the cases that Senter ordered into mediation today.... | |
| |
| | | Is Your Home Insurance Out Of Bounds? | | Posted Thursday, December 28, 2006 1:12:23 PM by Blog57 Team | | Long range weather forecasts are for more storms in Britain, but despite having buildings and contents insurance cover for their homes, many homeowners may find that these policies do not cover the boundaries. Fences and gates are often not covered by buildings and contents insurance, a leading financial comparison site has warned. Most standard policies do not cover the perimeters of a homeowner's property, so it's best to take steps to make these secure before the storms arrive. Securing loose fence panels and other items will help to limit the damage both to homeowners' property and their neighbours. It's worth checking on exactly what your policy covers. While many of the major insurers will cover furniture and shrubbery as standard, the level of the cover varies considerably.... | |
| |
| | | Tyson: Scrutinize home replacement cost definitions they vary | | Posted Monday, November 13, 2006 11:02:19 PM by Blog57 Team | | Q: I have been getting insurance quotes for our new home and have been getting wildly different estimates for replacement cost. The house, which is about 100 years old, has about 2,800 square feet, typical moldings, average floors, kitchen, baths, etc. Travelers estimates a replacement cost around $600,000 (about $200 per square foot). Liberty Mutual comes in at $425,000 (about $150 per square foot). I want to be fully covered, of course, but not overpay for coverage I don't need. What is a realistic replacement cost per square foot for a house like this? A: You should ask each insurance company to provide you with its definition of, and limitations on, guaranteed replacement-cost coverage. Such coverage guarantees that the insurer will pay to have your home rebuilt in a total loss, even if the construction cost exceeds the policy's dwelling coverage.... | |
| |
| | | Allstate Floridian Insurance reduces rate increase request | | Posted Friday, November 10, 2006 11:18:49 PM by Blog57 Team | | Allstate Floridian Insurance, the state's third largest home insurer, is lowering its proposed rate increase in the face of resistance from state regulators. The company said Tuesday that it was still seeking a rate increase, but one that would average just under 20 percent statewide instead of nearly 25 percent. Another Allstate company, Allstate Floridians Indemnity, made a similar move, notifying state regulators that it will seek a 26.4 percent increase on average rather than the 31.6 percent average increase it initially proposed. Company officials said Allstate had originally included the cost of reinsurance for some policies that it now plans to shift to another company as it seeks to reduce some of its exposure. If approved by the state Office of Insurance Regulation, the new rates would take effect around the end of the year.... | |
| |
| | | Allstate scales back planned home-insurance hikes | | Posted Tuesday, November 07, 2006 11:00:25 PM by Blog57 Team | | Allstate Floridian Insurance Co. lowered its proposed homeowner insurance rate increase for Florida, just days after state regulators took the company to task over its plan to raise customers' prices. The state's third-largest home insurer amended its rate proposal Monday, so customers will now see their premiums rise by a statewide average of 19.1 percent instead of 24.2 percent. Customers with Allstate Floridian Indemnity Co., a subsidiary of Allstate Floridian, will see a statewide average increase of 26.4 percent instead of 31.6 percent. County breakdowns for the proposed increase were not available Monday. Allstate Floridian first submitted its proposal August 30, but changed it because of the insurer's anticipated savings from moving 120,000 home and condo insurance customers to a startup insurer, Royal Palm Insurance Co., said Allstate Floridian spokesman Ryan Priest.... | |
| |
| | | Bonfire Night burglars 'threat to home insurance' | | Posted Tuesday, November 07, 2006 1:12:11 PM by Blog57 Team | | Homeowners are being warned to protect their houses and their home insurance premiums this Bonfire Night, as findings show it is the worst day of the year for burglaries.Norwich Union Insurance has found that theft claims increase by 25 per cent on Bonfire Night when homeowners step out of their houses to watch firework displays.Jason Harris, senior claims manager at Norwich Union, said: "Unfortunately, Bonfire Night is historically one of the most lucrative nights of the year for thieves. "Homes are empty, it's pitch black and the noise of all those rockets, screamers and flares gives burglars the perfect opportunity to break into people's homes." Mr Harris added that while home security was not always a priority for homeowners distracted by the evening's festivities, Britons should take the time to ensure their homes are safe before heading outside.The insurer advises that homeowners keep their home insurance premiums intact by leaving lights on in the house and avoid leaving the keys inside the lock if they are attending a fireworks display.Home insurance provider American Express is also urging householders to make their homes secure this November 5th by activating house alarms and exterior security lighting.© Adfero Ltd Other Recent Home insurance ArticlesBIBA: Ensure home insurance covers firework damage Bonfires 'could invalidate home insurance' Review home insurance to ensure contents are covered, expert says .... | |
| |
| | | Buffett Insurance Units Fuel Profit Year After Storms (Update1) | | Posted Sunday, November 05, 2006 3:21:53 AM by Blog57 Team | | Nov. 4 (Bloomberg) -- Berkshire Hathaway Inc.'s insurance units fueled an almost fivefold increase in the company's quarterly profit, rebounding from Hurricane Katrina with higher premiums and lower claims. Berkshire, the insurance and investment firm run by billionaire Warren Buffett, benefited from mild weather after capitalizing on a retreat by competitors in the U.S. Gulf Coast. Third-quarter net income climbed to $2.77 billion, or $1,797 a share, from $586 million, or $381, a year earlier, the Omaha, Nebraska-based company said in a regulatory filing yesterday. ``This was a blowout quarter,'' said Guy Spier, whose New York-based hedge fund, Aquamarine LLC, holds $13 million of Berkshire stock. Berkshire earned $917 million from underwriting insurance policies, almost double the estimate of Gary Ransom, an analyst at Fox-Pitt Kelton Inc.... | |
| |
| | | Governor race rivals differ on solution to state insurance crisis | | Posted Thursday, November 02, 2006 11:11:58 AM by Blog57 Team | | With property insurance prices doubling and tripling, voters are eager for a solution that will bring down their bills -- turning this into the hot-button issue in the race for governor this year. During their campaigns, Republican Charlie Crist and Democrat Jim Davis have offered detailed plans they say will lower your insurance rates and repair Florida's fragile insurance market. Reform Party candidate Max Linn has proposed a one-point strategy on property insurance: Cap individual home and condo unit polices from state-backed Citizens Property Insurance Corp. at $500,000. .... | |
| |
| | | On Private Mortgage Insurance | | Posted Monday, October 30, 2006 11:08:48 AM by Blog57 Team | | Private mortgage insurance (PMI) is extra insurance a lender may require you to buy if you're forking over less than 20% of a property's value as a down payment, because people who put down small amounts are more likely to default on a loan. If you opt for mortgage insurance, once you've got 20% equity in your home, you should be able to cancel the insurance. (Though an appraisal may be required beforehand.) .... | |
| |
| | | Florida Peninsula Insurance customers to get lower rates | | Posted Friday, October 27, 2006 3:00:16 AM by Blog57 Team | | State Insurance Commissioner Kevin McCarty ordered lower rates Wednesday for Florida Peninsula Insurance Co., a move that will result in a credit or refund for thousands of the company's home and condominium policyholders in South Florida. Most Florida Peninsula customers will get a credit on next year's insurance policy. .... | |
| |
| |
|
|
