So, a few news stories about Hurricane Katrina:
- A congressman from Mississippi has called for an investigation of the claims practices of insurers;
- Opening statements started in a case against State Farm for their claim handling;
- State Farm has decided to settle over 600 lawsuits filed out of its handling of hurricane related claims;
- State Farm tried to move another lawsuit out of state court and into federal court.
All of this has led at least one insurer to limit wind coverage in Texas.
So, where does this leave consumers? If you are in the Gulf Coast, you are going to have a tough time finding insurance. If you do find it, you may not get coverage for wind. And if you do get coverage for wind, your claim will probably be denied. Of course, all of this happens with insurers reporting higher profits!