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Posts Tagged ‘property insurance’

Faulty Drywall Not Covered By Home Insurance

January 20th, 11

Faulty drywall is causing some Florida homeowners to lose their insurance coverage. According to UPI.com, Citizens Property Insurance announced it won’t cover homes that have extensive damage caused by sub-par Chinese drywall. According to reports, the drywall smells bad, corrodes metal and causes other issues.

Citizens Property Insurance, a government entity and non-profit, already dropped coverage on two homes that were vacant. UPI.com says that 58 homes have filed claims for having the bad drywall over the last year and a half according to the insurance company’s spokeswoman Christine Ashburn. Several other insurance companies have denied coverage for similar issues with drywall.

Ashburn says that it’s the company’s policy to never cover existing damage. “If a home has existing damage, we will not provide coverage for the property unless the damage is repaired, or we are provided with proof of intent to repair the property,” Ashburn told UPI.com. The company’s move to pull coverage from some homeowners experiencing drywall problems is prompting questions from lawmakers. “I am concerned about the effect of Citizens’ nonrenewal or cancellation decision on the tens of thousands of Floridians suffering through the nightmare of tainted drywall, especially those who are unable to find affordable coverage in the voluntary insurance market,” Sen. Bill Nelson wrote according to the Sun Sentinel.

Tags: Disaster Accident, property insurance, Florida homeowners, government, Faulty, spokeswoman
 

Illinois Insurance Companies Raise Rates

June 7th, 09

It seems that Illinois Insurance Companies have found reasons to raise the rates on coverage for millions of that state’s residents.

If you are a homeowner insured by Allstate Corp., you can expect to pay up to 27.5% more on your . Allstate is just one of many companies that have recently boosted Illinois rates.

Tags: homeowner insurance, Insurance Information Institute, increased insurance rates, state farm insurance, property insurance
 

PCI Urges Congress Towards Cautious Financial Reform

April 6th, 09

The Property Casualty Insurers Association of America (PCI) is asking Congress to take a cautious approach to the financial reforms outlined in the U.S. Treasury’s proposal. PCI is concerned with addressing all of the potential problem areas and avoiding the consequences that may not have been intended by the new policy.

Tags: nuanced plan, normal insurance activities, property insurance, PCI, Property Casualty Insurers Association of America, Obama's administration