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Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.

 
Anonymous Coward
User ID: 1152043
United States
12/11/2012 06:40 AM
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Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
Here is a letter I recieved in the mail yesterday from my home onwers insurance company.

Why is my policy being amended to remove earthquake coverage ?

The peril of earthquake represents a potential catatrophic loss for our company and requires large amounts of additional coverage to be purched in the event an earthquake occurs. The market for this additional coverage has narrowed to the point we no longer able to purchase coverage at acceptable levels in pricing. With our current earthquake expiring on 12/31/2012 and no alternative solution, this left no option but to remove earthquake from our policy coverage.


They had no problem taking my money for the last 18 years..... Do they know somethging we dont ?
Joker

User ID: 1437768
United States
12/11/2012 06:43 AM

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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
Hmmm. wow.redface
Anonymous Coward
User ID: 28900658
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12/11/2012 06:45 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
louisiana sinkhole gonna blow
The_wizard 62 (OP)
User ID: 1152043
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12/11/2012 06:46 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
Thank god I dont own a brick home. I wonder how many other insurance companys in the mid-west are going to be sending out notices like this ?
The_wizard62 (OP)
User ID: 1152043
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12/11/2012 06:57 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
I do believe with what is going on with the louisiana sinkhole could cuase a major earthquake. Plus a series of utility pole fires across Central Texas caught on fire early Thursday morning,
INK3

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12/11/2012 07:00 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
About five years ago, my insurance company sent me a similar notice, but it involved flooding. I live at the NJ Shore, and the letter stated that they would no longer insure anyone within 50 miles of the coastline. I got other insurance, at a higher rate of course, and within a year they did the same thing.

Yeah, they know.
"When tyrants tremble in their fear, and hear their death knell ringing,
When friends rejoice both far and near, how can I keep from singing"

page7
Anonymous Coward
User ID: 29577198
United States
12/11/2012 07:03 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
About five years ago, my insurance company sent me a similar notice, but it involved flooding. I live at the NJ Shore, and the letter stated that they would no longer insure anyone within 50 miles of the coastline. I got other insurance, at a higher rate of course, and within a year they did the same thing.

Yeah, they know.
 Quoting: INK3


So I guess now nobody will be able to buy or sell a house within 50 miles of the coast, because they won't be able to get insurance.

Nice.
INK3

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United States
12/11/2012 07:07 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
About five years ago, my insurance company sent me a similar notice, but it involved flooding. I live at the NJ Shore, and the letter stated that they would no longer insure anyone within 50 miles of the coastline. I got other insurance, at a higher rate of course, and within a year they did the same thing.

Yeah, they know.
 Quoting: INK3


So I guess now nobody will be able to buy or sell a house within 50 miles of the coast, because they won't be able to get insurance.

Nice.
 Quoting: Anonymous Coward 29577198


Who knows? They've made it very expensive, but since ironically, I don't live in an actual flood zone, I can't get Fema flood insurance. Yeah, nice.
"When tyrants tremble in their fear, and hear their death knell ringing,
When friends rejoice both far and near, how can I keep from singing"

page7
The_wizard62 (OP)
User ID: 1152043
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12/11/2012 07:08 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
I am surprised that they did'nt just raise the price for earthqake insurance. But it sounds like to me. That no insurance company is going to cover the people in the mid-west. I would love to hear from anyone else in missouri if this has happened to them. Hopefully there is some insurance company that will cover us. I wonder how my mortgage compant feels about this ?
St. Louie
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12/11/2012 07:27 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
It'll be ironic should the big EQ occur just before that cancellation date.
ANNONYMOUS
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12/11/2012 07:41 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
5a

When insurance companies feel that an element of their policy presents extreme risk they go to what are known as re-insurers. Those are specific companies that provide them with backup insurance to save them harmless in case their is an event of that type. What they are saying here is that there seems to be a real lack of anybody who wishes to provide such backup at all but huge rates which they will not pay. Thus, they take themselves out of insuring against that hazzard.
The_wiard62 (OP)
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12/11/2012 07:45 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
Im sure if a earthquake hits after 12/31/12 tht FEMA will take care of me and the others just like after Katrina.
Anonymous Coward
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12/11/2012 08:21 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
An actuary playing with numbers and the odds of a new madrid EQ...not necessarily the BIG ONE. Insurance companies are not set up to pay out, they are in business to make money.
Anonymous Coward
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12/11/2012 08:25 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
Im sure if a earthquake hits after 12/31/12 tht FEMA will take care of me and the others just like after Katrina.
 Quoting: The_wiard62 1152043


Sorry. They just ran out of tents.
goodmockingbird
Home of the EF5 Tornados, Now with Beheading!

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12/11/2012 08:50 AM

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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
An actuary playing with numbers and the odds of a new madrid EQ...not necessarily the BIG ONE. Insurance companies are not set up to pay out, they are in business to make money.
 Quoting: Anonymous Coward 29621129


Yep, somebody who crunches numbers for a living did his job right and calculated that they could not sustain themselves if they had to pay out on even a moderate-sized earthquake.
THE CDC LIES
Renegade (Me too)

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12/11/2012 08:59 AM

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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
An actuary playing with numbers and the odds of a new madrid EQ...not necessarily the BIG ONE. Insurance companies are not set up to pay out, they are in business to make money.
 Quoting: Anonymous Coward 29621129


Then what's the use in having insurance?
Who is John Galt?
DarthDickheadus:Ameri​canSith

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12/11/2012 09:00 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
Here is a letter I recieved in the mail yesterday from my home onwers insurance company.

Why is my policy being amended to remove earthquake coverage ?

The peril of earthquake represents a potential catatrophic loss for our company and requires large amounts of additional coverage to be purched in the event an earthquake occurs. The market for this additional coverage has narrowed to the point we no longer able to purchase coverage at acceptable levels in pricing. With our current earthquake expiring on 12/31/2012 and no alternative solution, this left no option but to remove earthquake from our policy coverage.


They had no problem taking my money for the last 18 years..... Do they know somethging we dont ?
 Quoting: Anonymous Coward 1152043


Because they know the numbers, quakes are increasing in size and strength. Furthermore, they know the planet shaker is coming.
(GLP aka American Jedi)

Listen here you beautiful bitch, I'm about to fuck you up with some truth.
Kenny Powers

If you steal the dreams of others long enough, sooner or later you'll end up in a nightmare.
American Jedi

Intellectuals solve problems, geniuses prevent them.
Albert Einstein

Satis Eloquentiae, Sapientiae Parum....

"The last of the old?"

"No, the first of the new."
Anonymous Coward
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12/11/2012 09:00 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
5a

When insurance companies feel that an element of their policy presents extreme risk they go to what are known as re-insurers. Those are specific companies that provide them with backup insurance to save them harmless in case their is an event of that type. What they are saying here is that there seems to be a real lack of anybody who wishes to provide such backup at all but huge rates which they will not pay. Thus, they take themselves out of insuring against that hazzard.
 Quoting: ANNONYMOUS 8415236


Yes...but! You have to look at who does the re-insuring. Some of the big players are owned or mostly owned by TPTB....Berkshire Hathaway (Warren Buffet is a big owner) owns Gen Re as in General Reinsurance. That info known...it does make one wonder.
Lorax

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12/11/2012 09:01 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
Don't worry about it..FEMA will help you in your time of need.
Lorax
Cosmic Traveler

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12/11/2012 09:02 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
They don't insure you out of the goodness of their hearts...

If they feel they are likely to have to payout to you then they'll drop you.

The insurance companies are going to be in big trouble in the coming days and they know it....
Hard tell'in not know'in
IwasKidding

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12/11/2012 09:08 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
craphidingeqscaredahhh
Anaiah

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12/11/2012 09:08 AM

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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
An actuary playing with numbers and the odds of a new madrid EQ...not necessarily the BIG ONE. Insurance companies are not set up to pay out, they are in business to make money.
 Quoting: Anonymous Coward 29621129


Then what's the use in having insurance?
 Quoting: Renegade (Me too)


There's really not much, most of the time. It's all run on risk pools and betting that they won't have to pay out more than they take in from/to a person. AFAIK, it's set (with health insurance, at least) as 80/100 of the dollars you put in go to pay for medical coverage for you, if everything goes 'right', of course. Meaning, really, that they expect to make $20 and pay $80 out of ever $100 paid to them. So... you tell me. I would say its 'use' is in paying other people to worry about the foolish and risky things you do, because you don't feel like it. Since it certainly doesn't -prevent- anything.
As above, So below.
Anonymous Coward
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United States
12/11/2012 09:20 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
I live in St. Chuck and haven't received this but am curious if I will be soon. I will post back here if I do. What insurance company do you go through.
Fire WatchModerator
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12/11/2012 09:21 AM

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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
and so it begins...earthquake Doom countdown.
When the people fear the government, there is tyranny. When the government fears the people, there is liberty. Thomas Jefferson
-------------------------------------
The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.
Thomas Jefferson
Anonymous Coward
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12/11/2012 09:24 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
Don't worry about it..FEMA will help you in your time of need.
 Quoting: Lorax


Funny how FEMA is DENYING HUGE NUMBERS of people who LOST EVERYTHING in Sandy who ALSO were denied any claims on their insurance!
\

SCAM PLANET
Anonymous Coward
User ID: 1293349
United States
12/11/2012 09:30 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
5a

When insurance companies feel that an element of their policy presents extreme risk they go to what are known as re-insurers. Those are specific companies that provide them with backup insurance to save them harmless in case their is an event of that type. What they are saying here is that there seems to be a real lack of anybody who wishes to provide such backup at all but huge rates which they will not pay. Thus, they take themselves out of insuring against that hazzard.
 Quoting: ANNONYMOUS 8415236


Warren Buffet's "Berkshire Hathaway" is one of the biggest (if not THE biggest) re-insurer in the U.S.
Anonymous Coward
User ID: 29616876
France
12/11/2012 09:38 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
5a

When insurance companies feel that an element of their policy presents extreme risk they go to what are known as re-insurers. Those are specific companies that provide them with backup insurance to save them harmless in case their is an event of that type. What they are saying here is that there seems to be a real lack of anybody who wishes to provide such backup at all but huge rates which they will not pay. Thus, they take themselves out of insuring against that hazzard.
 Quoting: ANNONYMOUS 8415236


Warren Buffet's "Berkshire Hathaway" is one of the biggest (if not THE biggest) re-insurer in the U.S.
 Quoting: Anonymous Coward 1293349


Supposedly so, but have you seen this?

[link to www.moneynews.com]

explosion
Anonymous Coward
User ID: 6990196
United States
12/11/2012 09:41 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
5a

When insurance companies feel that an element of their policy presents extreme risk they go to what are known as re-insurers. Those are specific companies that provide them with backup insurance to save them harmless in case their is an event of that type. What they are saying here is that there seems to be a real lack of anybody who wishes to provide such backup at all but huge rates which they will not pay. Thus, they take themselves out of insuring against that hazzard.
 Quoting: ANNONYMOUS 8415236


Warren Buffet's "Berkshire Hathaway" is one of the biggest (if not THE biggest) re-insurer in the U.S.
 Quoting: Anonymous Coward 1293349


Supposedly so, but have you seen this?

[link to www.moneynews.com]

explosion
 Quoting: Anonymous Coward 29616876



Not only dumping stocks, but buying hard assets like gold and silver buy building underground shelters and some are buying land in south America. I wonder if these events could be connected . . . .
Digital mix guy

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12/11/2012 09:43 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
wow
Wash

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12/11/2012 09:44 AM

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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
Here is a letter I recieved in the mail yesterday from my home onwers insurance company.

Why is my policy being amended to remove earthquake coverage ?

The peril of earthquake represents a potential catatrophic loss for our company and requires large amounts of additional coverage to be purched in the event an earthquake occurs. The market for this additional coverage has narrowed to the point we no longer able to purchase coverage at acceptable levels in pricing. With our current earthquake expiring on 12/31/2012 and no alternative solution, this left no option but to remove earthquake from our policy coverage.


They had no problem taking my money for the last 18 years..... Do they know somethging we dont ?
 Quoting: Anonymous Coward 1152043


I worked in the insurance world for 6 years (Underwritting). Typically they never remove coverages unless a particular peril has become a major problem for them. So its usually after a problem...not before.

I'd say they are thinking ahead, so where did they get the idea that there will be EQ troubles?
Roll Tide Roll.
Anonymous Coward
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United States
12/11/2012 09:46 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
They canceled your policy because they have a guilty conscience and they can't take it anymore. Taking your money all this time nothing.

News