Friday, September 16, 2005

State theft for the masses

I have. like most people forced to in the state of Tennessee, car insurance. I know exactly the type I have. Why do I know? Because I'm not stupid. It is that simple. I buy insurance knowing the threats and odds of certain things happening. I make the decision and I suffer the consequences of my actions.

Most people who have insurance on their house or car know what is covered and what they are paying for. I guess the people in Mississippi are just to dumb to know what they are paying for..according to the government.
Mississippi on Thursday sued insurers to force them to pay billions of dollars in flood damage from Hurricane Katrina, saying standard insurance polices have led homeowners to believe they are covered for all hurricane damage, whether from high winds or storm surges.

To deny coverage to those whose homes were wiped out by the storm surge, but lacked flood insurance, is "taking advantage of people in the most dire straits," said Attorney General Jim Hood, who filed the lawsuit against five major insurers.

"We intend to ... make sure the insurance companies pay all that they owe these people on the coast," he said.
Now there are already laws to cover scams like fake insurance. So this suit is a feel good act.

The line that is so slanted is this one
To deny coverage to those whose homes were wiped out by the storm surge, but lacked flood insurance, is "taking advantage of people in the most dire straits,"
Deny? If you want flood insurance you go pay for it. You don't whine to the government and then get it free. Then also how is it taking advantage of them? The people purchased insurance that did not cover flooding and it is the insurance companies fault.
"We intend to ... make sure the insurance companies pay all that they owe these people on the coast," he said.
If the people had PURCHASED insurance before hand then I have no trouble with the insurance companies paying the people what is owed. If the insurance did not cover flooding them and they are forced to pay it can be called only one thing. State enforced theft.
He asked a Chancery Court to void provisions in the policies that attempt to exclude from coverage losses or damages directly or indirectly caused by water, whether wind-driven or not. He said he would seek a restraining order next week pending a full hearing.
Read that again. They simply want to void sections of the insurance contract that bothers them. This is forcing companies with money to pay for things people did not pay for.

Contracts and the states. Voiding sections and stealing money one suit at a time.

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