Unfriggen believable....

How can they do this??? I had my house insured when I first built it....a year passes, and suddenly I get this letter telling me that my house is now too close to the coastline and due to the possibility of a hurricane causing floods and such... they must now TRIPLE the cost of my insurance!!!
I didn't move my house, it's in the same spot that I built it in.....how can they say I'm too close to the coastline a year later and get away with it? I tried other agencies and got the same response....nothing they can do about it....just plain BS!!!

...not to mention, WHAT COASTLINE??? The Taunton River? The retention pond at the end of the Cul de Sac?? Or the puddle that forms at the end of my neighbors driveway??? :splat: :af:

ex lives on water and they also tripled her premiums...seems to me that insurance co's run a risk free profit gloming business- no claims they make out, claims- they raise premiums to make up for payouts......

ex lives on water and they also tripled her premiums...seems to me that insurance co's run a risk free profit gloming business- no claims they make out, claims- they raise premiums to make up for payouts......


That's why Warren Buffett owns so many ins/reinsurance companies. Watch the stock prices of the Prop. and Casualty ins. com. after a huge storm. The all go up.

Just wait as your policy renews. Some of my friends have been hit with a separate wind damage policy. $5,000 deductible. They got you at both ends

That sucks Bloocrab, bigtime.:spidey:

Don't tell me that Mike.....if they were to find out the wind situation where I live:smash: ...I'd get hammered.
The house is located in an elevated part of the town, I believe the highest point actually,.... we always get BIG wind ...it's pretty open around me to boot.

I explained my elevation situation, and they still didn't want to hear it. It would take one helk of a flood to get my panteeez wet. This sux, there's no getting ahead in this world, if ya ain't born rich.....fawgettaboutit!!

Insurance!! What a racket!! The Legalized Mafia with the Government as it's muscle. How can you beat that? :rtfm: Pay up sucka!!

Mass Fair Plan is what I have in Truro. Other Insurers won't touch me. Haven't seen my bill yet.:bc: Now, I'm scared...

I think we should start an insurance firm and just solicit business from people who have been screwed by an insurance company. What a customer base, its a no brainer. :D

I dont feel so bad now, mine only doubled.

if i remember correctly, i got a bill like that a few years ago when i bought a house on long pond. i had to prove that the land hadn't flooded in 100 years and they dropped it. nice peopl:mad: e eh?

Mass Fair Plan is what I have in Truro. Other Insurers won't touch me. Haven't seen my bill yet.:bc: Now, I'm scared...

Expect it to go up 25%. And this year they want the whole premium up front, because they don't bill your mortgagee, and Wells Fargo was late with 2 payments that resulted in cancellation warnings :realmad:

We're on the mainland side of the Canal, 76' above sea level, 3 miles from Cape Cod Bay and the closest body of water is the freakin' Herring Run :wall: :doh:

Coastal flood zone my ass :rocketem:

http://www.floodsmart.gov/floodsmart/pages/riskassesment/floodzonesdefined.jsp;jsessionid=A97DDFF...

Boy these new home owners, lemme tell ya. Sup Gee Katrina's wrath is still being felt.

Thanks Ross, I'm going to make sure they have me in the correct zone as my address insn't on any map yet. ....
I got nothing to lose, I lost it all already :lossinit:


Goose, got PM ? Call me Mr. Greenthumb:btu:

Yeah, and as if that weren't enough ... house taxes in MA is going up another 5%. No matter what you do in this state they suck you 'til you bleed.

ex lives on water and they also tripled her premiums...seems to me that insurance co's run a risk free profit gloming business- no claims they make out, claims- they raise premiums to make up for payouts......

I've always said that your base insurance premium is for nothing in return, because if you file a claim, there is a new higher rate as they punish you for taking advantage of the service you paid for.

Last year I got a notice saying they dropped me. Not an increase in rates, just goodbye! I never made a claim on any insurance policy of any kind in over 30 years. I just pay my preimums. I called them and they said they were dropping everyone that lives within 2 miles of the coast. I told them I am 64 ft' above sea level, even if the polar ice cap melts, I still will be dry. They didn't care.
My insurance agent said she is getting 60 of these per month.
She had a hard time finding someone but in the last days she did. The rate went up a lot (like double) and there was a insane (20K) wind damage deductable that covers their butt.

This is where IMO isurance companies get away with too much. The theory of insurance is based on numbers, the more you cover the lower your risk. Now they are allowed to cull out what they deem higher risk to boost their profits. This is where the gov't should step in. IF THEY WANT ALL THESE FAT TAX BREAKS AND OTHER INVESTMENT INCENTIVES, THEY NEED BE RESTRICED FROM CULLING OUT SEGMENTS OF THE MARKET. It happens in medical insurance as well. Companies will do all they can to exclude you from covering whatever they can if they think you have a higher risk to get cancer even if your phycsial if fine.

Their lobby is huge. They think insurance is the foundation of this country...I swear. I have been to DC and listend to these goons.

What other business do you know that gets to say... I took your money for 30 years and you never made a claim, but I am going to drop you now because I think you are a high risk. Look, you can't change your mind if I make the payments !!!!

You're right, Mr.Sandman. If a bookie did that he'd lose his kneecaps and never place another bet. Why is it insurance was more legit as gambling than as an investment business?

BC,
were you insured with the good hands people? They just dropped almost everyone in SC that lives anywhere near the water. Now if someone would get the "good hands" off the knife they are sticking in their customers.......

i hate ins. co's - BIG 'effin ripoffs! they can sure take it in, but don't want to give it out.

My insurance got canceled for no apparent reason four years ago.
Restored since.
Got a hand written note from the ins. agent. saying the policy was canceled because ?????????????
Wouldn't have been that bad outside of the fact that my father graduated from the same H.S. WITH the person that wrote the note.
They were friends.
I called. The old man called. Neither one of us could get a straight answer.
And neither one of us could read the writing on the note.
Still don't know to this day why.

My parents had a house fire 8 or so years ago, did about 90 grand in damage. My father had a very large umbrella policy with one of the major insurance companies for decades.

Like a good neighbor, they nickeled and dimed my parents as much as they could.

"oh, that truss don't look that burnt"

What a joke.

I'm sure you could make an argument about what they need to do to maintain their margin, it is a for profit business after all...

But when you're required to have coverage by one set of rules, yet the coverage is set by another, there's sure to be problems.

I feel for ya though. Given the average price of home owners insurance a 2X or 3X impact to the rate would really hurt most people.

-spence

Yeah, and as if that weren't enough ... house taxes in MA is going up another 5%. No matter what you do in this state they suck you 'til you bleed.

I think you'll be seeing higher increases than that with our new Gov in the drivers seat.:realmad: :scream2: :af: :splat:

I HATE insurance companies!
it's too bad we need it
they sure do a good job of screwing their customers over :realmad: :rocketem:

That sucks Bloo :hs:

I did some research using the FEMA site and according to their site, my particular area falls in the "Low to Moderate" risk area. NOT THE HIGH RISK AREA that my insurance claims I'm in. I emailed them ALOT of information pertaining to my case and they are "looking" into it. I'm sure they're gonna keep singing the same song though - Is there a group that supercedes insurance companys? Someone who could over-rule what they say?
This bites, 1 year of insurance + property taxes = a decent used car bought in cash each year. :bc: :af: :splat: even worse, in 2 years, with that money...I could completely renovate my boat and make it NEW.....I better call the Samaritans, I'm getting suicidal thoughts!!!:behead:

This bites, 1 year of insurance + property taxes = a decent used car bought in cash each year. :bc: :af: :splat:

Look at it this way--if you lived on Long Island or in New Jersey, it would equal a brand new subcompact every year.

If you aren't in a flood zone, I don't think they can do that. TIme for a different carrier.

I did some research using the FEMA site and according to their site, my particular area falls in the "Low to Moderate" risk area. NOT THE HIGH RISK AREA that my insurance claims I'm in. I emailed them ALOT of information pertaining to my case and they are "looking" into it. I'm sure they're gonna keep singing the same song though - Is there a group that supercedes insurance companys? Someone who could over-rule what they say?
This bites, 1 year of insurance + property taxes = a decent used car bought in cash each year. :bc: :af: :splat: even worse, in 2 years, with that money...I could completely renovate my boat and make it NEW.....I better call the Samaritans, I'm getting suicidal thoughts!!!:behead:

well if you find anything like the car insurance board of appeals its still an up hill battle.
I was determined to be not at fault in an accident by the appeal board,
Other driver admitted fault,
police report stated he was at fault
and STILL my insurance company says im 50% at fault.

I know its not the same thing but im just saying insurance is a crock, any way you look at it. I hate that you need it, and its a good thing you have it when you do... but all the money you put in and nothing in return...... just blows

Gilly,

Here's another
http://www.mass.gov/?pageID=ocasubtopic&L=4&L0=Home&L1=Business&L2=Insurance&L3=Division+of+Insurance+Regulatory+Information&sid=Eoca

Hope this helps put the heat on them!:rocketem:

gilly,

the only way insurance companies will ever listen to you is if you hire a lawyer (who in turn will likely retain a surveyer). yes, it's going to cost money to demonstrate you're not in a flood zone but it in the end a pro could save you some money.

the rest of us are paying for gulf coast homeowners. insurers are simply recouping their payouts from katrina (amongst others) and ... the ins. companies are adjusting their risk portfolios to protect against a catastrophic northeast hurricane (which, if you've been reading the papers in the past year, has been talked about very little in the press).

don't get mad, get even.

A BIG THANKS to NightFighter -


Ross, I did the research thru the FEMA site and gathered the information that I needed. I presented this to the OWNER of my agency and he was speechless. I asked how could my results differ from the form sent to me and if possibly due to my street not being on a map yet, that perhaps they "generalized" me to the closest area and BADABING BADABANG ! ...
Unfortunately the main Ins. Co. was still pushing back,,, I asked my agent to put us on speaker phone as I wanted to be included in this conversation and after some serious complaining and :rtfm: B%#@#ing..........................:hee: ........He "grouped" me differently...and things $$$ drastically changed. :musc:


Thanks for giving me that push Ross - otherwise, I'd of just did what they wanted, and......."Pay up Sucka!"....I guess complaining enough CAN do something...:cputin:

gilly,


the rest of us are paying for gulf coast homeowners. insurers are simply recouping their payouts from katrina (amongst others) and ... the ins. companies are adjusting their risk portfolios to protect against a catastrophic northeast hurricane (which, if you've been reading the papers in the past year, has been talked about very little in the press).



That's exactly why they have been canc. coverage. If a storm every went over LI, hit Conn. and then RI up to Ma. the loses would make Katrina seem small.

The other thing that has scared insurers is the following. Most of the people in Katrina didn't have flood ins. and yet the ins. commissioner want the insurers to pay for flood damage.




"State Farm, the biggest home insurer in the nation, is in the final stages of settling hundreds of lawsuits over its payments for homes wrecked by Hurricane Katrina along the Mississippi Gulf Coast, lawyers briefed on the talks said yesterday.

The settlement of 639 lawsuits for $80 million could be the first step in resolving a bitter legal battle between homeowners and their insurers that had threatened to drag on for years and has already slowed Mississippi’s recovery since the storm in August 2005.

As part of the proposed deal, which other insurers are expected to adopt, State Farm has agreed to review and possibly increase payments to as many as 35,000 additional homeowners. In some cases, these homeowners received only a few thousand dollars for homes along the Mississippi coast that suffered major damage or were destroyed.

The talks do not apply to homeowners in New Orleans and the rest of Louisiana.

State Farm, under the tentative accord, would provide an average of about $125,000 to homeowners who filed lawsuits, although the payments would range from as little as about $2,000 to about $2 million.

The treatment of those cases would serve as a guide for increasing payments to any of the 35,000 homeowners who request a review of their claim, according to lawyers privy to the details.

Similar settlements with the dozen or so other insurers in Mississippi could provide hundreds of millions of dollars for recovery along the coast. It would also close a painful chapter in the public relations history of the carriers who have been portrayed by opposing lawyers as coldhearted in refusing to pay for much of Katrina’s devastation.

“This is an opportunity to change public perception,” said Randy Maniloff, a lawyer in Philadelphia who represents insurance companies, and who has not been involved in the talks.

The heart of the dispute in Mississippi as well as in Louisiana has been over the coverage of flood damage. Flooding was far worse in Katrina than in most previous hurricanes.

The insurers argued successfully in Mississippi that their policies did not provide coverage for any kind of flooding. But Judge L. T. Senter Jr., of Federal District Court in Gulfport, Miss., rejected the argument by insurers that if any flooding damaged a house, the insurers then had no responsibility for any other damage caused by Katrina’s high winds.

More than 2,000 homeowners in Mississippi alone filed suit against their insurers. Under terms of the tentative settlement, State Farm would pay at least $50 million for claims that were previously closed, and some lawyers say the cost for State Farm could run into the hundreds of millions of dollars, depending upon how many homeowners requested their files be reopened and the extent of damage to their houses. A similar deal with other insurers could lead to an estimated 100,000 other closed claims being re-examined, lawyers briefed on the talks said.

Insurance experts said State Farm’s willingness to engage in settlement talks should not be interpreted as a concession that it did anything wrong. They said a final agreement would almost certainly say, in effect, that State Farm was neither acknowledging nor denying objectionable practices. Further, they said, State Farm would not want to set precedent on future payments for flood damage from hurricanes.

“They’re willing to settle,” said Gary S. Thompson, a Washington lawyer who represents individual and commercial policyholders, “because they know they would have to go through a long, arduous journey examining each and every claim.”

That could take years, some lawyers said. In the meantime, State Farm’s reputation would be further battered and, facing any jury drawn from the ranks of Mississippi’s hurricane victims, State Farm could easily “lose most of the cases,” Mr. Thompson said.

Jury selection began yesterday in federal court in Gulfport for the first trial against State Farm over Katrina damage. That case, which was not part of the settlement talks, was filed by Norman and Genevieve Broussard. Only the foundation slab of their home in Biloxi remained after the hurricane. State Farm refused to pay their claim, saying all the damage was caused by floodwaters.

The insurers have already paid $5.2 billion for damage to homes throughout Mississippi for Katrina and $10.3 billion for damage in New Orleans and other parts of Louisiana.

To close the deal, State Farm wants the approval of Mississippi’s attorney general, Jim Hood, and the state’s insurance regulator, George Dale, lawyers close to the talks said. As a condition of the deal, these lawyers said, Mr. Hood would be required to drop a criminal investigation into State Farm’s handling of claims as well as a civil lawsuit against State Farm and other insurers.

In a statement late yesterday, Mr. Hood said: “I am working day and night attempting to get our coastal residents a fair shake in the insurance litigation.” He added, “It would not help our negotiations to disclose any details at this time.”

Lee Harrell, a deputy to the insurance commissioner, would not comment on the talks but said that the regulators consistently monitored insurance agreements to make sure that they were fair to both policyholders and the insurers.

Phil Supple, a spokesman for State Farm, acknowledged that the insurer had been in settlement talks but he said that a final agreement had not yet been reached. “At this point,” he said, “we have no settlement.”

He said State Farm would absolutely like to settle the cases: “We see it in the best interest of policyholders, the Gulf Coast of Mississippi and State Farm.”

Richard F. Scruggs, who has been leading a team of about a dozen lawyers against State Farm, said that talks toward a settlement began early last fall and that he hoped to see a final agreement this week. “All the details are finalized,” he said.

The last element, he said, was the approval of the attorney general and the insurance commissioner. “We are awaiting,” he said, “a decision from the state officials who have helped craft the settlement.”

Excellent Gil! I don't get pissed very easily, but when I read your post, I was happy to get on it. Dontcha love catching them in their own trap?:bshake: call me with the details?

Just wait as your policy renews. Some of my friends have been hit with a separate wind damage policy. $5,000 deductible. They got you at both ends


gilly do not , do not fart on your property or in your house . they will get you for wind ins and smell ins . maybe even for noise ins . might be too loud and smelly for your neighbor with the water front ( puddle ) property .

Gilly you should report them to the state Insurance Commisioner, they are probably doing it to others...

Everything is Anticipated, I wish I could do this!!
Gas goes up cause they THINK a storm is coming, or its going to be cold, supply is low.
Insurance goes up and you get less for your cash cause there MIGHT be a storm, the WIND might blow
Heating oil goes up cause it MIGHT be a hard winter!

I think I should call my insurance co. and say I can't pay this much this year cause I think I am going to get layed off, sick, Might have a hospital stay

I can't pay my oil bill cause I THINK its not going to be cold and I MIGHT might not get that raise

I just don't see how they get away with Anticipating whats going to happen, to raise the prices??

http://biz.yahoo.com/ap/070111/katrina_insurance.html?.v=29

As I said in an earlier post, the ins. comp. were deathly afraid of these types of verdicts. Now, everyone's prem. is going to go up as a result of this verdict. State farm may have taken it up the rear on this verdict, but I'm sure when my flood and homeowners ins. come up for renewal this year I'll be bending over. The ins. comp. are always going to win.

Insurance companies never take it in the rear--2.5 million is like $25 to the rest of us.

Someone in the industry once told me that there has never been a case of a US insurance company going under, even during the Depression when banks were folding up like cheap card tables.