chinaco
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 14, 2007
- Messages
- 5,072
Absolutely outrageous!
I just saw a show on Public Television about tactics used by the life insurance industry. The show was part of the NOW series... a News Magazine.
Home Insurance 9-1-1 . NOW | PBS
According to this show Large P&C Insurers like Allstate and State Farm are changing th terms of policies. Apparently it is buried in the replacement statement people get each year. For example in California some people had replacement insurance for their homes and then during a yearly renewal the wording was changed to extended. The net result people would not afford to rebuild their homes after the California Fires.
According to the people interviewed by NOW, the insurance company stonewalled and wore them down to take a lesser settlement. Apparently many of them had to fund much of the cost of rebuilding their homes by themselves.
Bloomberg
Outrageous isn't it! link to the Bloomberg article.
Bloomberg.com: Special Report
Here is a challenge to everyone. Please spread this link and message to every board, blog, forum that you participate in. People need to be aware that several insurance companies have changed tactics.
I am going to look into dropping my insurance company... they were listed. I cannot see rewarding them with business. Even if I reviewed my policy and made sure I was covered... why stick with a company that has a stated strategy of doing this to people. They could have put in bold letters on the renewal that their coverage had been reduced... which is in effect what happened.
Anybody have any idea about how to identify a legitimate insurance company?
I just saw a show on Public Television about tactics used by the life insurance industry. The show was part of the NOW series... a News Magazine.
Home Insurance 9-1-1 . NOW | PBS
According to this show Large P&C Insurers like Allstate and State Farm are changing th terms of policies. Apparently it is buried in the replacement statement people get each year. For example in California some people had replacement insurance for their homes and then during a yearly renewal the wording was changed to extended. The net result people would not afford to rebuild their homes after the California Fires.
According to the people interviewed by NOW, the insurance company stonewalled and wore them down to take a lesser settlement. Apparently many of them had to fund much of the cost of rebuilding their homes by themselves.
Bloomberg
McKinsey & Co., a New York-based consulting firm that has advised many of the world's biggest corporations, according to records in at least six civil court cases.
One slide McKinsey prepared for Allstate was entitled ``Good Hands or Boxing Gloves,'' the tape of the Kentucky court hearing shows. For 57 years, Allstate has advertised its employees as the ``Good Hands People,'' telling customers they will be well cared for in times of need.
Outrageous isn't it! link to the Bloomberg article.
Bloomberg.com: Special Report
Here is a challenge to everyone. Please spread this link and message to every board, blog, forum that you participate in. People need to be aware that several insurance companies have changed tactics.
I am going to look into dropping my insurance company... they were listed. I cannot see rewarding them with business. Even if I reviewed my policy and made sure I was covered... why stick with a company that has a stated strategy of doing this to people. They could have put in bold letters on the renewal that their coverage had been reduced... which is in effect what happened.
Anybody have any idea about how to identify a legitimate insurance company?
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