Archive for the ‘Home Insurance’ Category

The Louisiana Senate will soon deliberate on a bill that would prevent house insurance firms from canceling coverage for homeowners and businesses with properties that have Chinese corrosive drywall.
 
The bill, authored by Senator Julie Quinn, is designed to stop insurance companies from not renewing or from canceling or raising deductibles of premiums for properties that have Chinese drywalls.
 
Most of the state’s residents who rebuilt their houses after Hurricane Katrina had revealed that the drywall imported from China emits methane, sulfur and other chemicals that caused damage to appliances and homes and have caused health problems for residents.
 
A big number of Louisiana residents have complained that they are about to lose their coverage because of the Chinese drywall-related claims that they filed. There are also homeowners in the area who have revealed that they have not reported problems related with the drywall for fear of being dropped by insurance companies.
 
The Senate Insurance Committee has approved the measure amid objections from house insurance companies who have asserted that the measure violates existing contracts and would cause insurance rates in Louisiana to rise.
 
The legislative bill covers drywall manufactured or imported from China prior to December 31, 2009. Those with insurance policies that have been running for three years or so are protected from lack of renewal or cancellation under existing regulations. The latest bill would affect people whose insurance coverage had been running for less than three years.
 
According to legislators, homeowners who violate these specifications will be penalized and will be asked to pay the amount equal to half of the value of the insurance for the property, plus lawyer fees and court costs.
 
So far, the federal court has received more than 2,000 claims over the drywall, and together with state courts, has ruled on class action lawsuits related to the issue. Meanwhile, the Attorney General Office of Louisiana is suing the manufacturers and developers of the drywall on behalf of the local government.
 
The Louisiana bill is expected to provide some protection to homeowners who are at risk of losing their house insurance policies over the Chinese drywall issue. The Senate is in the process of deliberating on the legislative measure.

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There is probably no such thing as cheap home insurance in the United States anymore, but homeowners are getting some positive news in the insurance department in terms of improved security.
 
A bill of rights for homeowners’ insurance in the Gulf Coast was able to get through the House through a 108-6 vote and is now on its way to the Senate Insurance Committee. It is the second in a three-year period that the House Insurance Committee needed to pass a bill of insurance.
 
House legislators stated that one of the biggest issues that concern Gulf Coast residents is insurance and the passage of the bill of rights is a significant development in terms of protecting consumers in the area.
 
The Legislature, reports revealed, has yet to pass a single legislation that addresses insurance claims handling since the Katrina disaster. That makes House Bill 563 an important piece of legislation for Gulf Coast home owners. According to market analysts, the fact that the bill sailed easily through the House also adds to the optimism among residents that their housing-related problems are not being ignored.
 
Although cheap home insurance is something that is hard to find in the whole country, proponents of the House bill stated that the current bill will provide homeowners with some security in terms of buying insurance policies which can be considered a great help.
 
They further added that the bill will provide homeowners with knowledge on what they can expect when purchasing a policy and when they make a claim and it will offer home owners a stronger traction in terms of protecting their homes and themselves.
 
According to some supporters of the bill, the Senate Insurance Committee has yet to work on any protection bill for policyholders and they would need to be encouraged to look into the current bill of rights.
 
Proponents have also added that one of the most common complaints against such bills is that they can change the way business is done in home insurance and that these bills can discourage parties involved from writing policies.
 
Despite the fact that majority of Gulf Coast homeowners do not find it easy to get cheap home insurance, the bill being considered by the Senate Insurance Committee is expected to provide them with some protection that can partially offset the impact of insurance policy prices.

Related Posts:

• House Insurance Cancellations to Be Prevented by Bill in Louisiana
• Home Insurance Companies in Florida Got Rate Hike Requests
• House Insurance Reform in Texas Still Pending
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• Texas Homeowners Seek Home Insurance Relief

A situation might prove to be of interest to home insurance companies in California. According to reports, homeowner and auto insurance firm Mercury Insurance became the subject of a Market Conduct Examination by the state Department of Insurance.
 
The department has alleged that Mercury might have overcharged thousands of clients in the state for homeowners and auto insurance. This, according to reports, is a potential violation of California’s insurance statues.
 
The Market Conduct Exam covered the period March 1, 2007-May 31, 2007. According to the state insurance department, during the period examined, the company may have violated certain insurance codes which resulted in clients being denied insurance coverage or getting overcharged.
 
The examination result alleged that the insurance firm has failed to take corrective actions with regards to violations of California laws identified by the Department of Insurance from examinations held in 1998 and 2002.
 
Furthermore, the company also supposedly failed to collect information on prior accidents involving a certain driver during the driver’s automobile insurance application and process of underwriting. The required information was supposedly meant to ensure that surcharges will be applied only to accidents wherein the person insured is the one at fault.
 
Another alleged violation that might be of interest to home insurance companies in the state is that insurance premium credits of home owners were reportedly not applied in a consistent manner or whenever such credits were due.
 
Mercury Insurance Group is comprised of three units; Mercury Casualty, California Automobile Insurance Co. and Mercury Insurance Co. The company is given 10 days to address and correct each violation as enumerated in the exam.
 
The violations need to be corrected, according to reports, or the company will face a fine of $5,000 for each identified violation and additional $5,000 should the violations be proven to have been committed in a willful manner.
 
Meanwhile, Mercury has denied committing the alleged violations and the investigation is still ongoing. Conclusions and definite charges have yet to be made against the insurance company.
 
The situation involving Mercury Insurance Group might prove to be of interest to home insurance companies in California, particularly in terms of state statues governing home owners’ insurance charges.

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Home insurance companies writing policies in Florida got their premium hike requests after the state Senate and House passed their versions of the home insurance rate increase bill in the middle of March.

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