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| Name: |
Osms
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| Subject: |
State Farm fraud
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Date:
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12/16/2006 10:22:45 AM
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I've been keeping up with the insurance situation of the Coast post-Katrina and have learned some interesting things everyone should know. State Farm and others are pulling wind coverage from policies along the coast even though they reported record profits each quarter following the hurricane -- they didn't pay the claims they owed. Before you say that doesn't bother me because I don't live on the Coast, know that State Farm has been convicted of fraudulently denying claims for tornado damage to several homes in Oklahoma -- it can and will affect you. State Farm had a 5.9% growth in income in 2005 and probably a lot more this year. Insurance coverage on the Coast will cost 4 to 10 times as much as it will at the lake -- think about it.
Insurance companies are exempt from Federal anti-trust laws for some reason; therefore, they appear to think they are above the law. Something's gotta give. If you are in a situation where you have to file a claim, you might as well get a lawyer and sue on the first day -- if you don't you're gonna get screwed. FYI Sen. Trent Lott, Con. Gene Taylor, and the Federal Circuit Judge all have sued insurance companies because of denied coverage. The Fed Judge had to remove himself from hearing any of the cases because he too is suing.
Disclaimer: Luckily I do not have State Farm and the small claim I had was handled properly by my insurance co.
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| Name: |
Tallyman
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| Subject: |
State Farm fraud
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Date:
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12/18/2006 2:43:57 PM
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The McCarran-Ferguson Act, which became law in 1945, provided that states regulate insurance, rather than the federal government, and provided a limited exemption from the Sherman Ant-Trust Act.
I don't know that State Farm is engaging in fraudulent behavior but I do know that people who build large houses on the sand beside the Gulf want you and I to share in their certain eventual loss by paying higher premiums. Personally, I think if someone is rich enough to build a big house on the beach he should bear his own loss when the hurricane carries away his structure.
Insurance is a pool designed to provide people with protection from ordinary losses like fire and the occasional tornado, and the like. Beach structures present extraordinary risks that inland folks should not have to insure.
People as old as me remember that way back when, when folks built on the beach, they built shacks because they couldn't get insurance. The theory was, that if their cheap structure was destroyed, they could afford to replace it out-of-pocket. Once flood insurance became available, building on the beach went wild. The national flood insurance program, and residential insurers in general, cause inland people to pay for the risks faced by rich beach dwellers. Moreover, the availability of insurance denied access to the beach, or made access difficult, for us peons.
If people on the beach are forced to pay actuarially sound premiums for their places, the price of property on Lake Martin will double.
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