Posts Tagged ‘premium’

Chaney drops lawsuit against National Flood Insurance Program

JACKSON — The state of Mississippi’s lawsuit against the National Flood Insurance Program (NFIP) will be withdrawn pending the Federal Emergency Management Agency’s (FEMA) implementation of a new law passed by Congress “intended to alleviate some of the draconian rate increases facing Mississippi homeowners,” Commissioner of Insurance Mike Chaney said. Chaney and the Mississippi Insurance […] [...]

Concerns still high about possible flood insurance hikes

GREENVILLE — Henry Nathaniel has escaped the rising tide of flood insurance costs for now, but he’s still worried. The retired 70-year-old owns a 1,650-square-foot house valued at less than $50,000 on Greenville’s north side. He was already paying a relatively steep $550 a year to the National Flood Insurance Program. Then he got a […] [...]

Congress passes bill that eases flood insurance premium hikes

WASHINGTON — Less than two years after passing major legislation aimed at reforming the government’s much-criticized flood insurance program, Congress yesterday sent President Barack Obama a bill to scale back many of the resulting big flood insurance premium increases faced by hundreds of thousands of homeowners. The measure would also allow below-market insurance rates to […] [...]

Provision could nix some higher flood insurance premiums

WASHINGTON — Homeowners worried that new federal flood maps will send their flood insurance premiums skyrocketing would get some short-term relief under a provision tucked into a massive government-wide funding bill. But other changes to the federal flood insurance program, including higher premiums on businesses, vacation homes and frequently flooded properties will remain in place, […] [...]

Report: State ranks sixth-lowest in post-claim car insurance hikes

SAN FRANCISCO — Drivers pay an average of 38% more for car insurance after making a single claim, according to a new insuranceQuotes.com report. The hike is steepest in Massachusetts, where just one claim leads to an average premium increase of 67%. California (+62%) and New Jersey (+59%) are not far behind. Maryland has the […] [...]

Insurance Department files lawsuit; looks to block federal rate hikes

JACKSON — The Mississippi Department of Insurance filed a lawsuit yesterday against the federal government to try to block rates from increasing Oct. 1 in the National Flood Insurance Program. State Insurance Commissioner Mike Chaney said that unless something changes, some customers could see their rates rise by more than 3,000 percent because of a […] [...]

Wind pool rate to go up 3.2% for homeowners, 5% on commercial policies

MISSISSIPPI GULF COAST — Insurance rates for the state wind pool are set to increase Dec. 1 on renewals and new policies. The Sun Herald reports a Mississippi Insurance Department filing shows owners of homes and mobile homes will see hikes of 3.2 percent, and commercial policies will go up 5 percent. Wind pool director […] [...]

Schools hit by spiraling insurance premiums, lack of providers

HATTIESBURG — Property insurance premiums have skyrocketed for Pine Belt school districts. Some have had problems just finding a company to insure them. Lamar County School District Superintendent Ben Burnett told the Hattiesburg American that his district’s premium was about $176,000 last year but just increased by $500,000. “I was shocked,” he said. “We always […] [...]

Cochran backing bill to delay flood insurance premium increase

WASHINGTON — U.S. Sen. Thad Cochran (R-Miss.) is supporting legislation that would delay planned National Flood Insurance Program (NFIP) premium increases for one year. Cochran serves on the Senate Homeland Security Appropriations Subcommittee that approved legislation that would, among other things, impose a one-year prohibition on the use of any Federal Emergency Management Agency (FEMA) […] [...]

Insurance agent accused of stealing clients’ payments

ST. MARTIN — An insurance agent has been accused of failing to send customers’ insurance payments to insurers. Jackson County Sheriff Mike Byrd said in a press release received by The Sun Herald 35-year-old Chad Michael Davis of St. Martin was arrested Tuesday. Byrd says Davis was charged with two counts of felony false pretense […] [...]

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