Are you in good hands? (1 Viewer)

killah

Very Bland
VIP Contributor
Joined
Jul 8, 2001
Messages
11,322
Reaction score
566
Location
29.95-90.07
Offline
Allstate wants to boost rates 55% on homeowners policies
Higher deductible on storm claims sought
Saturday, November 04, 2006
By Ed Anderson

BATON ROUGE -- Allstate Insurance companies will be seeking higher rates, possibly average increases totaling 55 percent or more, for the "next several years" starting in 2007 and will increase the deductible on hurricane policies by 5 percent on homeowners qualified for wind and hail coverage, company officials said Friday.

April Eaton, Allstate's senior Southern regional corporate relations manager, said the company also will take steps to restrict or not renew wind and hail coverage to about 18,000 to 19,000 Louisiana residents -- mainly in coastal areas. Eaton said the insurer will not make wholesale cancellations in wind and hail coverage in hurricane-prone areas.

Eaton said she did not know how much of a rate increase the company will be seeking in the coming years to offset claims paid for damages from Hurricanes Katrina and Rita. But a letter from Allstate regional general counsel Lorrie Brouse to Insurance Commissioner Jim Donelon said the company's exposure "over the next several years will necessitate rate increases totaling approximately 55 percent," possibly higher.

Donelon said in a telephone interview that Allstate recently received an average 12 percent rate increase and he does not see a 55 percent increase as justified now. "That remains to be seen," he said. "It sounds like they are testing the waters."

http://www.nola.com/news/t-p/capital/index.ssf?/base/news-4/1162625524109660.xml&coll=1
 

Ti Rider

Me Worry?
Joined
Feb 6, 2002
Messages
17,053
Reaction score
9,099
Location
My couch
Offline
I heard a report on the radio that the insurance industry made a record profit last year despite Katrina. Is it just me or has insurance become a liscense to steal? You have to have insurance if you have a home or car loan. You pay for years then if you ever have a significant claim the insurance company will do everything in it's power not to pay rather than make things right......
 
OP
killah

killah

Very Bland
VIP Contributor
Joined
Jul 8, 2001
Messages
11,322
Reaction score
566
Location
29.95-90.07
Offline
I heard a report on the radio that the insurance industry made a record profit last year despite Katrina. Is it just me or has insurance become a liscense to steal? You have to have insurance if you have a home or car loan. You pay for years then if you ever have a significant claim the insurance company will do everything in it's power not to pay rather than make things right......
It isn't just you.
 

iron error

Guest
Joined
Aug 31, 2003
Messages
3,051
Reaction score
565
Offline
if the insurance industry doesn't PROFIT every year 1 billion dollars, they raise rates (I am guessing the exact amount) so they do.
 

49erKiller

I am 100% human
Joined
Aug 15, 1999
Messages
4,943
Reaction score
4,459
Location
New Orleans, La.
Offline
I heard a report on the radio that the insurance industry made a record profit last year despite Katrina. Is it just me or has insurance become a liscense to steal? You have to have insurance if you have a home or car loan. You pay for years then if you ever have a significant claim the insurance company will do everything in it's power not to pay rather than make things right......

Nope, it's not just you. Most of the insurance industry is full of crooks, and they don't seem to make any excuses either. They're bold about taking your money and never giving it back, if they can help it.

They are possibly worse than the oil industry, sad to say.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Users Who Are Viewing This Thread (Users: 0, Guests: 1)



Headlines

Top Bottom