Federal Judge in Mississippi 'Storm Surge' Case Upholds Home Insurance Flood Exclusion
National News • April 13, 2006
A federal judge in Mississippi has upheld the water damage exclusion in homeowners insurance policies in a ruling welcomed by insurers.
U.S. District Judge L.T. Senter, Jr. of the Southern ...
Insurance Journal is not responsible for the content of the message below.
Subject: RE: KUDOs to Roger & Survivor
Posted On: April 19, 2006, 7:46 am CDT
Posted By: Mark H
Comment:
To all of you who "feel" the rule of contract law should always bend in the favor of those in need...
GET OVER IT!!!
Contracts are based on the facts contained within and not on how either party "feels" when performance of the contract provisions is executed.
The mortgage on your home is a contract between you and the lender. The bank gave you money to purchase your home under a contract that you would pay them back on a schedule. Have any of you ever paid additional interest (not principle) to your lender just because you felt like it? No. Your contract states what you owe, and you stick to the schedule. That's what reputable insurance companies strive to do.
Now why do you "FEEL" that the insurance companies should pay more than they owe on your contract. FLOOD damage isn't covered and if you didn't pay for it you don't get paid on it.
And another thing, nobody PAID for a Hurricane Deductible Endorsement; you got a premium discount for having the Hurricane Deductible Endorsement! There is no coverage provided by Hurricane Deductible Endorsement, it simply means that for damage COVERED by the policy, which occurs from and during a declared hurricane, you pay a higher portion of you loss. This feature helps keep insurance available and affordable.
If the Mississippi A.G. gets his way, insurance in Mississippi will not be affordable, and possibly not available from the private sector. Of course this bodes well for the socialists among us.
Subject: RE: KUDOs to Roger & Survivor
GET OVER IT!!!
Contracts are based on the facts contained within and not on how either party "feels" when performance of the contract provisions is executed.
The mortgage on your home is a contract between you and the lender. The bank gave you money to purchase your home under a contract that you would pay them back on a schedule. Have any of you ever paid additional interest (not principle) to your lender just because you felt like it? No. Your contract states what you owe, and you stick to the schedule. That's what reputable insurance companies strive to do.
Now why do you "FEEL" that the insurance companies should pay more than they owe on your contract. FLOOD damage isn't covered and if you didn't pay for it you don't get paid on it.
And another thing, nobody PAID for a Hurricane Deductible Endorsement; you got a premium discount for having the Hurricane Deductible Endorsement! There is no coverage provided by Hurricane Deductible Endorsement, it simply means that for damage COVERED by the policy, which occurs from and during a declared hurricane, you pay a higher portion of you loss. This feature helps keep insurance available and affordable.
If the Mississippi A.G. gets his way, insurance in Mississippi will not be affordable, and possibly not available from the private sector. Of course this bodes well for the socialists among us.