Posts Tagged ‘homeowners insurance’

Senators introduce bill aimed at keeping down flood insurance costs

WASHINGTON — U.S. Sen. Thad Cochran (R-Miss.) today joined Sen. David Vitter (R-La.) to introduce legislation to avoid flood insurance rate increases. Cochran is the primary cosponsor to the Responsible Implementation of Flood Insurance Reform Act, which was developed in response to increasing concerns from Mississippians about the prospect of significantly higher flood insurance rates […] [...]

State Farm appeals Katrina-related whistleblower lawsuit ruling

GULFPORT — State Farm Fire and Casualty Co. has asked a judge to void a jury’s finding that the company defrauded the government involving a policyholder claim after Hurricane Katrina. Motions filed in U.S. District Court in Gulfport also seek a new trial The verdict came in April in a whistleblower lawsuit against the Illinois- […] [...]

Chaney expects insurers to pay only $24M for Isaac damage

ACROSS MISSISSIPPI — Private insurers expect to pay more than $24.3 million in claims in Mississippi as a result of Hurricane Isaac, Insurance Commissioner Mike Chaney says. Chaney says that as of yesterday, Mississippi’s 21 largest insurers had received 9,400 claims and paid $8.6 million. That’s tiny compared Hurricane Katrina’s $41 billion in insured damage […] [...]

Coast property could be eligible for federal flood-buyout program

JACKSON COUNTY — Eighty-six properties in Jackson County could be eligible for the federal government’s home elevation or buyout program. The Mississippi Press reports supervisors were told this week that notices would be sent out to eligible property owners to determine if they are interested. In February, the county hired Thompson Consulting Services to submit […] [...]

More insurers writing wind coverage policies on Coast

MISSISSIPPI GULF COAST — Traditional insurance companies are still generally avoiding coastal risks. But a few companies new to Mississippi’s coastal market are writing wind coverage for well-built homes near the waterfront. So are insurance carriers that are not licensed in Mississippi. Angelyn Treutel is an independent insurance agent and vice president of the agency […] [...]

Wind Pool buys $815M in reinsurance for upcoming hurricane season

by Associated Press Published: April 30,2012

Tags: homeowners, homeowners insurance, hurricanes, insurance, severe weather, tropical weather, Wind Pool

MISSISSIPPI GULF COAST — Jackson County board member Mark Cumbest says Mississippi’s insurer of last resort has bought $815 million in reinsurance for the coming storm season. Reinsurance — essentially insurance for insurers — is a major driver of policy premiums. It protects the Mississippi Windstorm Underwriting Association from debilitating claims, such as those created […] [...]

Court denies motion to reconsider wind-versus-water decision

JACKSON — The Mississippi Supreme Court has denied motions to reconsider its ruling last December that overturned a judgment for an insurance company in a wind vs. water case. The case involved a Pascagoula home hit by 6.3 feet of storm surge during Hurricane Katrina in 2005. Both the homeowners and Nationwide Mutual Fire Insurance […] [...]

House passes insurance-discount legislation

JACKSON — The Mississippi House passed a bill yesterday to require insurance companies to offer discounts on costly hurricane coverage in five southern counties, including three on the Coast. Discounts are required by July 2013. They would go to single-family homes and some manufactured homes for meeting strong-house standards in the current building code, those […] [...]

Wind Pool board heads overseas for low reinsurance rates

MISSISSIPPI GULF COAST — Members of Mississippi’s wind pool board are in London this week to seek low reinsurance rates — a key factor in the cost of policyholders’ premiums. The Mississippi Press reports that the board left Saturday and are expected to return Friday. The Mississippi Windstorm Underwriting Association is the insurer of last […] [...]

Court overturns judgment in wind-versus-water case lawsuit

PASCAGOULA — The Mississippi Supreme Court has overturned a judgment for an insurance company in a wind vs. water case involving a Pascagoula home hit by 6.3 feet of storm surge during Hurricane Katrina in 2005. The National Flood Insurance Program paid Michael Robichaux and his wife, Mary, who has since died, policy limits for […] [...]

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