Wednesday, February 12, 2014

Snowmageddon 2014 sure to create a plethora of insurance claims

The snow is falling, and it's falling a lot.  #Snowmageddon2014 as it is called in twitterspeak appears to be one of the worst storm on records. It is crippling the South, and it has already crippled the Northeast and Midwest.  I saw it firsthand in Chicago #chiberia last week.  Here is a picture:

3 comments:

  1. Michael,

    Speaking of Insurance, are you competent to comment on the significant rise in homeowners insurance this year in NC? I got a special letter in the mail from my carrier, State Farm (been with them 10 years never had a claim) and they said that they were raising my rates from $629 to $939 and I had to sign a form that said I acknowledged that the rate was higher than that sat by the NC Insurance Commission. I called several other competing carriers and they said their prices had jumped as well. They said they could raise the rates as long as it was not 250% greater than that set by the board. That did not make any sense to me. If true, then why not call it a range instead of a rate? I am sure this must be affecting your other readers as well. Good luck with the snow. Stay safe.

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  2. Good question. I haven't read your policy, but there is likely a clause that allows them to raise rates. Unfortunately insurance policies are written horribly, and, while the law strains to find coverage, it usually doesn't keep companies from rising rates.

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  3. I have a great insurance policy. It covers everything, except what happens.

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