Press-Register Reporter Jeff Amy has written a comprehensive story about insurance company changes following the tornado outbreak here in Alabama, including an apparent decision by ALFA to stop writing policies on older Alabama homes...that is, older than 10 years.
The only thing I'll add is that 94% of Alabama homes are older than that, according to the 2010 Census.
Will they stop writing insurance on the defunct mall, too?
ReplyDeleteWell, having been born in Alabama and living here my entire life--to date--I can believe it. Of course, in all fairness, I believe these insurance practices are occurring everywhere in the states.
ReplyDeleteWe get a series of hurricanes and insurance costs, if one can get insurance, go through the roof! Now...no hurricanes since Katrina. Imagine that. We have a series of tornadoes in Northern Alabama, now in Lower Alabama, and the same thing occurs. What happens to insurance policy and costs when we have no tornadoes for several years?
The insurance companies are overstepping their boundaries.
Many citizens, including myself and several family members, have homeowners insurance we have yet to file on--for over twenty years now! What is the insurance company doing with that money that they cannot afford to pay out if I need it and keep my rates as well as policy the same? (I know the answers, but just had to ask.)