State Farm has refused to write new policies in Miss. We are required to have insurance, should they be required to provide insurance?
2007-02-14 15:09:37 · 6 answers · asked by Anonymous in Politics & Government ➔ Other - Politics & Government
State Farm wasn't (and isn't) the only insurer writing policies in Mississippi. We'll have to get our insurance elsewhere.
They have every right to stop providing coverage.
However -- I'm from the MS Gulf Coast and this is definitely a discussion we have around the house almost daily.... If we reach the point where no one will write policies here (far-fetched) or if those writing policies do so with premiums that no one can afford (not so far-fetched)... Then those of us with mortgages are going to be in a very bad position.
The problem is... it is the mortgage companies that require us to have insurance on the mortgaged property -- and with good reason.... However - we can't force anyone to provide that insurance... We don't have a 'right' to be provided with a mortgage loan to purchase a home. Some people cannot afford mortgage loans.. Some people can't be approved for mortgage loans... If we are unable to insure our property then we will be among those who cannot be approved for mortgage loans. Plain and simple. And really scary.
2007-02-15 08:44:46 · answer #1 · answered by zaranita 2 · 0⤊ 0⤋
My heart goes out to those whose suffered loss of life and property. Unfortunately, in a profit-loving capitalist society, a corporation is not required to do business. State Farm can leave if there are other insurance providers in the area. The ability of State Farm to leave Miss. would depend on the state legislation requirements for insurance providers. Also having a state government-sponsored insurance agency would help in coastal areas (and others) subjected to hurricanes (and/or tornados).
For instance, Florida, a state also hard hit by hurricanes, passed legislation and regulations prohibiting insurers from leaving the state and increasing the size of its own state-run insurance company.
2007-02-15 00:27:25 · answer #2 · answered by GL Supreme 3 · 0⤊ 0⤋
You can not force a private company to provide service anywhere. The regulation of prices & where you can not provide services are controlled by goverment but no where you must. We have such a "the goverment owes me" attitude these days. What happened to just working hard & fixing our own problems a.k.a. get a different insurance company. Better yet do not build below sea level. I want less goverment control not more as I get none of the free goverment handouts. I do not have State Farm either - I bought cheaper.
2007-02-14 23:39:26 · answer #3 · answered by Wolfpacker 6 · 0⤊ 0⤋
I really sympathize with people who suffered losses due to Katrina (or any other natural disaster). But State Farm is a for-profit corporation. As with any corporation, they have the right to decide where they wish to do business. If it is no longer profitable or is cost-prohibitive to provide insurance in Mississippi, there isn't much that can be done.
2007-02-14 23:16:36 · answer #4 · answered by Beni 3 · 1⤊ 0⤋
I understand where you are coming from. I live in an earthquake area, and a LOT of the insurance companies dropped this kind of coverage...many people ended up having to cover it with an outside source, so they have two insurances covering one home. It is ridiculous! If they can't cover people then they shouldn't be in business.
2007-02-14 23:20:01 · answer #5 · answered by hera 4 · 0⤊ 1⤋
Better off without them. They ripped us off, why do we want them back?
2007-02-15 22:05:16 · answer #6 · answered by Leafy 6 · 0⤊ 0⤋