Posts Tagged ‘homeowners insurance’

FEMA seeking comments on ‘levee-inclusive’ method

WASHINGTON — U.S. Senators Thad Cochran (R-Miss.) and Roger Wicker (R-Miss.), are encouraging community leaders, engineers and people in flood-prone areas to assess and then comment on a new “levee-inclusive” risk assessment process that will replace the “without levee” method criticized by the lawmakers earlier this year. The Federal Emergency Management Agency has opened a […] [...]

Senators urging peers to overturn flood insurance provision

WASHINGTON — U.S. Senators Thad Cochran (R-Miss.) and Mark Pryor (D-Ark.) have launched an effort to convince their colleagues to overturn a provision in Senate legislation that would require federal flood insurance coverage in areas already protected by levees, dams or other flood control structures. Cochran and Pryor are asking their colleagues to join them […] [...]

Court hears another wind-versus-water case

PASCAGOULA — A decision is pending from the Mississippi Supreme Court in another wind-versus-water case, this one involving a Pascagoula home subjected to 6.3 feet of storm surge. The National Flood Insurance Program paid Jackson County sheriff’s deputy Michael Robichaux and his wife, Mary, who has since died, policy limits for the loss of their […] [...]

Hood: State risks being cut out of NFIP

JACKSON — Attorney General Jim Hood is requesting the help of Mississippi’s congressional delegation in asking for a federal waiver of the Federal Emergency Management Agency’s (FEMA) flood mitigation ordinance for hunting and fishing camps. A recent opinion by the Attorney General’s Office highlights a conflict between state law and FEMA regulations. The opinion recognizes […] [...]

Chaney: Insurance rates have ‘leveled off’

MISSISSIPPI GULF COAST — State Insurance Commissioner Mike Chaney says property insurance rates in Mississippi have leveled off for the time being. The Sun Herald reports Chaney told a meeting of the Gulf Coast Business Club that more carriers have entered the insurance market but many of them are not writing on the Gulf Coast. […] [...]

Wind Pool buys $815M in reinsurance coverage

MISSISSIPPI GULF COAST — The Mississippi Windstorm Underwriting board of directors, better known as the Wind Pool Board, just completed the purchase of $815 million in reinsurance coverage for the upcoming year. Wind Pool Board member Mark Cumbest, broker-owner of Cumbest Realty Inc., said, “I am delighted that we were able to purchase an additional […] [...]

Lawmakers want recommendations on reforming NFIP

WASHINGTON — U.S. Senators Roger Wicker (R-Miss.) and Thad Cochran (R-Miss.) have called for the Federal Emergency Management Agency (FEMA) to offer lawmakers its recommendations for reforming the National Flood Insurance Program (NFIP), which needs to be reauthorized this year. In a letter to FEMA Administrator Craig Fugate, the senators requested FEMA provide these recommendations […] [...]

Allstate asking for increase in homeowner insurance rates

ACROSS MISSISSIPPI — Mississippi Insurance Commissioner Mike Chaney says Allstate Property and Casualty Co. will increase homeowner insurance rates 19.4 percent in Mississippi. Chaney told The Sun Herald newspaper that Allstate was threatening to drop 18,000 policyholders unless he allowed a rate hike of at least 44 percent. He said he “worked diligently to negotiate […] [...]

Whistleblower case involving State Farm to be heard

GULFPORT — U.S. District Judge L.T. Senter Jr. has declined to dismiss a whistleblower lawsuit filed against State Farm Fire & Casualty Co. State Farm had sought dismissal of the 2006 lawsuit filed by Cori and Kerri Rigsby, who alleged State Farm and its engineering firms defrauded policyholders after Hurricane Katrina. It claimed the Rigsbys […] [...]

House fails to override Barbour’s wind pool veto

JACKSON — The Mississippi House has failed to override a governor’s veto of legislation that would have placed a $20-million subsidy into a state wind pool insurance fund. The vote yesterday was 68-52 in favor of an override, but at least 80 votes were needed for a two-thirds majority. Barbour vetoed the proposal last May. […] [...]

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