What's Going On? Is someone in the "know"

I just received a letter from our homeowners insurance (Farm Bureau) which is a very reputable insurance company, that they will no longer cover earthquake damage of any kind.

Keep in mind, we live on the New Madrid fault. We've always had earthquake insurance for as long as I can remember which covered 80% of all losses in the event of an earthquake.

It really makes me wonder if they were recently informed of something big coming down the line very soon.

What do you think? I really think they know "all the sudden" that if there was an earthquake that they would go bankrupt trying to pay the claims.

reply to post by Bachrk


WTH? I live ouside Chicago, I thought the most recent one was a 3.8 back a couple months ago that did no damage...

Is activity picking up by you lately?

I'm a renter, no insurance. Anyone else with a different insurer getting these notices?

I would assume its a precaution on their part. Its easier to not cover you than it is to pay you. Things change and insurance policies do it all the time. Try living in an older apartment in Los Angeles and getting affordable earthquake insurance.

reply to post by Bachrk



Found some info, and I think you may be able to go with another Insurance company...

showme.net...

From Source:

Farm Bureau Town and Country Insurance Co. also has stopped writing earthquake policies in Missouri, but another company, Markel Insurance Co. of Glen Allen, Va., will pick up the coverage for Farm Bureau's customers, according to the Missouri Department of Insurance.


On the conspiracy side, I do not think any insurance company would be on the know in regards to a future catastrophe - ever.


Either way - good luck.

Insurance companies have been doing this for years.

Try to get hurricane or flood insurance on the coast of Florida, you can't get that either.

I don't see why a company should have to provide insurance for an event that is CLEARLY going to happen, such as an earthquake on the Madrid Fault.

People need to stop living in places where natural disasters are an every day occurance.

It's like trying to get Tornado Insurance in Tornado Alley. You'd have to be an idiot as a company to give out such things.

~Keeper

reply to post by Bachrk

I bet they didn't lower their price either.

There should be others chiming in here with the same story.

Seems like they have always canceled coverage AFTER the disaster happens.

If insurance companies are in the know then there should also be other sectors of business that are in the know too. Which ones are those - I wonder?

Peace

Originally posted by RicketyCricket
I would assume its a precaution on their part. Its easier to not cover you than it is to pay you. Things change and insurance policies do it all the time. Try living in an older apartment in Los Angeles and getting affordable earthquake insurance.

I think what makes me question how much knowledge they have is because they have offered earthquake insurance for as long as they've been around. Not at 100% but at 80%.

What made them jumpy today after 50yrs of coverage?

Originally posted by Bachrk
I think what makes me question how much knowledge they have is because they have offered earthquake insurance for as long as they've been around. Not at 100% but at 80%.

What made them jumpy today after 50yrs of coverage?

That right there. 50 years of collecting without a hitch? They made some serious coin, now its on to another scam. When was the last time someone filed an earthquake claim with them?

Plus, there have been several earthquakes lately. Increasing activity + a stellar 50 plus year track record = time to stop gambling.

Originally posted by facelift
reply to post by Bachrk

 

Found some info, and I think you may be able to go with another Insurance company...

showme.net...

From Source:

Farm Bureau Town and Country Insurance Co. also has stopped writing earthquake policies in Missouri, but another company, Markel Insurance Co. of Glen Allen, Va., will pick up the coverage for Farm Bureau's customers, according to the Missouri Department of Insurance.


On the conspiracy side, I do not think any insurance company would be on the know in regards to a future catastrophe - ever.


Either way - good luck.

Thank you Facelift for the info and I hope you're right but I don't put anything past anyone at this point. I would not be surprised if there were people in the know who had been warned of possible earthquakes due to natural or "man made" circumstances.

Just seemed so odd and out of the blue.

Now this is a stretch but I wonder if anyone else who has EQ insurance near other fault lines besides the New Madrid have recently received a cancellation of coverage letter or if the cancellations seem to all be located around or on the NM fault.






[edit on 14-7-2010 by Bachrk]

If I were you I would look into this further. Nowadays when a company jumps ship, I tend to look for why their jumping, People for to long have just figured, well thats the way it is.

I'm sure you can do a little research and find something else, you just have to look in the right places. Maybe you can start by checking their website, there's always something there, you can see if this everyone, or only people in certain places.

Also try to see what other states they insure, and see if its the same thing, if it is, then I wouldn't worry..(to much), but if just in your area, or ones close to you, then I say prepare for the worst and hope for the best.


Peace to you...

Originally posted by tothetenthpower
Insurance companies have been doing this for years.

Try to get hurricane or flood insurance on the coast of Florida, you can't get that either.

I don't see why a company should have to provide insurance for an event that is CLEARLY going to happen, such as an earthquake on the Madrid Fault.

People need to stop living in places where natural disasters are an every day occurance.

It's like trying to get Tornado Insurance in Tornado Alley. You'd have to be an idiot as a company to give out such things.

~Keeper

I do see where you're coming from but many people stay where they were raised and can't afford to move to another place. I would not call them idiots. I am certainly not an idiot.

I did not expect or demand eq insurance BUT it was offered as a rider so I took it because I realize we do sit on a fault line. In an eq I may not make it out but I'd hope someone in my family could benefit from my monthly insurance premiums. It beats having no coverage, everything you own is destroyed AND your dead. Sure I have life insurance but I didn't mind paing an extra 20 bucks a month for eq insurance.

Make the best with what you have to work with and protect your butt if at possible. Thats the best some of us can do.






[edit on 14-7-2010 by Bachrk]

reply to post by tothetenthpower


There's no problem getting tornado insurance here in Georgia, and we have quite a few. Is it seriously a problem in other parts of the country?

My insurance company, Pemco, did the same thing a couple of years ago. But they turned us onto another company that specializes in earthquake insurance. The end result was that my total insurance bill was significantly LOWER for the same coverage. I live near Seattle, which is, of course, primo earthquake country.

Originally posted by facelift


On the conspiracy side, I do not think any insurance company would be on the know in regards to a future catastrophe - ever.

Oh no? Then why do we have so much evidence of companies that suddenly dump their stock before a catastrophe? Must I name them all.

You think that insurance companies are above board? They probably have a policy on your life that you do not even know about. Someone is waiting to collect on your death. Probably an old employer. Don't you know about "Dead Peasants Policies"?

I highly suspect that those at the pinnacle of the insurance pyramid have privileged information. Of course the bottom feeders would have no clue: they do not dictate policy, they just enforce it.

OP, sad they took your $$ all these years and now when there could be a real threat of events, they conveniently pull out. Seems very unethical to me. Too bad there is no recourse when you've been had by another Pyramid scheme from the pyramid party.

Originally posted by Alethea

Originally posted by facelift


On the conspiracy side, I do not think any insurance company would be on the know in regards to a future catastrophe - ever.

Oh no? Then why do we have so much evidence of companies that suddenly dump their stock before a catastrophe? Must I name them all.

You think that insurance companies are above board? They probably have a policy on your life that you do not even know about. Someone is waiting to collect on your death. Probably an old employer. Don't you know about "Dead Peasants Policies"?

I highly suspect that those at the pinnacle of the insurance pyramid have privileged information. Of course the bottom feeders would have no clue: they do not dictate policy, they just enforce it.

OP, sad they took your $$ all these years and now when there could be a real threat of events, they conveniently pull out. Seems very unethical to me. Too bad there is no recourse when you've been had by another Pyramid scheme from the pyramid party.

Yep, for once I agree with you Alethea Thats exactly what it is totally unethical. A company knows an eq is coming sooner or later and offers you a policy, but only temporarily, until they make enough to cushion their bottom line then they do away with it.








[edit on 14-7-2010 by Bachrk]

I have renters insurance here in Berkeley CA.

Includes earthquake coverage too. 10K if it is all destroyed.

I pay 17 dollars a month.

I have, at least, peace of mind.

Common sense would tell me I shouldn't expect coverage in high risk places for floods, tsunamis, hurricanes, or earthquakes. Tornadoes are a different story I would say, and I think should be covered.

Being as I love a good conspiracy I will add this.

Could it have anything to do with all the seismic testing at the oil spill site showing the seabed as unstable? Isn't the drilling located either ON or near a major fault line. Could this make anyone who covers eq's jumpy?

Yeah yeah I'm reaching but who knows?

Yep thats right,.. the new Madrid fault is due to split with a 8.7 within the next 3 months, and drain the great lakes at the same time, saw that in a dream a year ago,. that could be why the insurance co. is dropping you.. good luck..

[edit on 14-7-2010 by Lil Drummerboy]

''
just kidding,.. could be allot of reasons why they are dropping you but like someone said earlier,. they hold the right to change whatever and whenever they want.