Everyone is aware of the grass fires that occurred last week throughout Oklahoma. Are our insurance companies going to step up or follow a similar path to how the insurance companies in California responded to the wildfires there?
Check out the CBS video: Underinsured With Allstate
Among detailing the trouble Californians have had in getting their homes rebuilt, the video has some interesting statistics:
More more reading on insurance companies, see: Home Insurers' Secret Tactics Cheat Fire Victims, Hike Profits:
The Bloomberg.com report states that:
Check out the CBS video: Underinsured With Allstate
Among detailing the trouble Californians have had in getting their homes rebuilt, the video has some interesting statistics:
Allstate's Payout (how much is paid for every dollar the company's insureds pay in):
- 1987-1996: 73 cents on the dollar
- 1997-2006: 59 cents on the dollar ($4.9 billion profit in 2006)
More more reading on insurance companies, see: Home Insurers' Secret Tactics Cheat Fire Victims, Hike Profits:
The Bloomberg.com report states that:
"Insurers often pay 30-60 percent of the cost of rebuilding a damaged home -- even when carriers assure homeowners they're fully covered, thousands of complaints with state insurance departments and civil court cases show."
"As Mississippi Republican U.S. Senator Trent Lott and thousands of other homeowners have found, insurers make low offers -- or refuse to pay at all -- and then dare people to fight back."
