Mississippi Business Journal » homeowners insurance

Senators introduce bill aimed at keeping down flood insurance costs

MBJ Staff — Mon, 10 Jun 2013 15:41:33 +0000

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 [...]

The post Senators introduce bill aimed at keeping down flood insurance costs appeared first on Mississippi Business Journal.

State Farm appeals Katrina-related whistleblower lawsuit ruling

Associated Press — Thu, 09 May 2013 17:21:09 +0000

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- [...]

The post State Farm appeals Katrina-related whistleblower lawsuit ruling appeared first on Mississippi Business Journal.

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

Associated Press — Thu, 20 Sep 2012 18:15:10 +0000

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 [...]

The post Chaney expects insurers to pay only $24M for Isaac damage appeared first on Mississippi Business Journal.

Coast property could be eligible for federal flood-buyout program

Associated Press — Wed, 18 Jul 2012 14:50:37 +0000

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 [...]

The post Coast property could be eligible for federal flood-buyout program appeared first on Mississippi Business Journal.

More insurers writing wind coverage policies on Coast

Associated Press — Mon, 07 May 2012 17:09:19 +0000

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 [...]

The post More insurers writing wind coverage policies on Coast appeared first on Mississippi Business Journal.

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

Associated Press — Mon, 30 Apr 2012 15:26:34 +0000

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 [...]

The post Wind Pool buys $815M in reinsurance for upcoming hurricane season appeared first on Mississippi Business Journal.

Court denies motion to reconsider wind-versus-water decision

Associated Press — Mon, 26 Mar 2012 15:32:06 +0000

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 [...]

The post Court denies motion to reconsider wind-versus-water decision appeared first on Mississippi Business Journal.

House passes insurance-discount legislation

Associated Press — Wed, 14 Mar 2012 15:08:47 +0000

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 [...]

The post House passes insurance-discount legislation appeared first on Mississippi Business Journal.

Wind Pool board heads overseas for low reinsurance rates

Associated Press — Mon, 30 Jan 2012 14:24:53 +0000

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 [...]

The post Wind Pool board heads overseas for low reinsurance rates appeared first on Mississippi Business Journal.

Court overturns judgment in wind-versus-water case lawsuit

Associated Press — Tue, 27 Dec 2011 12:28:53 +0000

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 [...]

The post Court overturns judgment in wind-versus-water case lawsuit appeared first on Mississippi Business Journal.