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my brain hurts | After today's multi-million $ ruling against State Farm, will all home insurance companies hike their rates? |
http://news.yahoo.com/s/ap/20070111/ap_on_bi_ge/katrina_insurance |
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NeoArt
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Actually they will not have to. A very tiny codicil on today's ruling was that since hurricanes and floods are "acts of God," insurance companies may sue for damages from "God or his representatives." As such, churches throughout the United States may expect to see summons and the inside of many a courtroom.
About time, says I! Looks like tort action to me: duty of care, failure of that duty, and then injury. |
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Suzanne: YPA
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No. First of all, State Farm would be crazy not to appeal. I'm not necessarily on the side of insurers, but I think this decision is blatently incorrect; I anticipate State Farm will win on appeal. From the article alone, I can see three issues from which the appeal can be made.
As for this decision causing all insurers to raise rates, I wouldn't anticipate it will. This decision is only relevent to the case presented to the court. This couple argued there was a tornado that mysteriously appeared during Hurricane Katrina that carried their house away (although they offered no evidence of this). I don't think all Hurricane Katrina victims can claim this, although many probably wish they could! |
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mbrcatz
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Darned straight they will!! They'll also change policy wording to eliminate more coverage.
I'm actually expecting some insures to flat out pull out of the high hazard states - TX, FL, LA, etc. Which would really stink for me, because 1. I'm in Texas and 2. my homeowners is with State Farm.
State Farm is NOT going to lower homeowners rates. Homeowners policies are the current "loss leader" of the insurance world - companies aren't making money at it NOW, they surely don't want MORE of it!! They'll focus more on retirement & life savings, which AREN'T so geographically challenging.
I agree SF will appeal, and that this judgement will probably eventually be overturned . . . but meanwhile, SF is spending MILLIONS On attorney fees, and a bunch more people are going to file suit. All those attorney fees come from somewhere!! That would be, oh, yeah, our premium dollars. |
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CowboyBill
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No. All rate increases must be approved by state insurance boards. What you WILL see is every major insurance company in America completely pull-out of Florida, California and the gulf coast which will leave thousands and thousands of homeowners to buy insurance through state run 'pool' type of coverage. Twice the cost and the horror of having to deal with a state appointed adjuster after a disaster strikes. No company can be expected to stay in business as long as a lawyer can convince a group of jurors to completely ignore the terms of a written policy and award billions of dollars to people with complete abandon and total disregard for the rule of law. Look for minimum 5K deductibles to be the norm in the near future. |
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ginny chan
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maybe but more likely it will just make homeowners coverage harder to come by. you know i really feel for all of the Katrina victims with what they've been thru and all but the truth of the matter is the law suits are a way for these folks to vent their frustrations--financial and otherwise--against big targets since they really can't sue the federal government for its gross incompetence down there. individually there may be financial winners probably most of all their lawyers but in the big picture we all will lose. there is no way these damages--in this particular case i believe all that was left of the house was the concrete slab--were caused by wind. the insurance companies don't insure for flood and premiums were never collected to pay for flood damages--that's the business of the federal flood insurance program. i have to say i really can't feel too sorry for the folks living in these areas who didn't buy flood insurance. in the current climate down there particularly after this ruling i suppose the big insurance companies will just have to buy their way out--yes with $$ that were never intended to pay for such claims--and then probably not want to come back. can't say i would blame them. |
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Richard Bricker
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No. Statefarm will probably lower their rates in an attempt to garner new business. Believe it or not all of the top insurance companies are basically live in court. they spend an enormous amount of money on court decisions, appeals, and defenses. |
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