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

 
Fred
User ID: 29293291
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12/11/2012 09:49 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
The midwest is very ill prepared for a New Madrid quake. Another big one would be a disaster in San Francisco, but most newer large buildings would be survive, as would most wooden frame houses.

St. Louis would be largely leveled by a 7+, no insurance company can take on the New Madrid risk.
Maga

User ID: 17204861
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12/11/2012 09:49 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


So are they going to lower your premium since they won't be providing earthquake coverage????

doubt
icyman61

User ID: 4971449
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12/11/2012 09:52 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.
 Quoting: INK3


I don't live in a flood zone, but I bought it. I don't know who your talking to but if you cant find it send me a message or something, Ill give you the agent name and number.
Anonymous Coward
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12/11/2012 09:53 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
Most property insurance policies exclude coverage for losses resulting from earthquakes (although they often cover losses related to fires following earthquakes). Separate policies are typically required to ensure coverage against losses from earthquakes. Some states with risk of loss from earthquakes have government mandated insurance plans that provide earthquake coverage to property owners who are unable to obtain insurance through the voluntary market.
Anonymous Coward
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12/11/2012 09:59 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?
 Quoting: Wash

My guess is that remote viewing actually works. "Somebody" can possibly actually "see" major devastation that appears to be from an earthquake in specific locations.

The u.s. govt. spent millions of dollars on research into rv and then announced there was no evidence for it. Do you really believe that is what they found?
Anonymous Coward
User ID: 24518639
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12/11/2012 10:03 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
Last page someone mentioned that they did NOT live in a flood plain and were not able to buy flood insurance from FEMA. We do not live in a flood plain but had no problem buying flood insurance from them. Runs about $350 annually for the coverage we chose.
Anonymous Coward
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12/11/2012 10:10 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
OP,where do you live?
Abi ~

User ID: 25045778
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12/11/2012 10:10 AM

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


to see if people in other areas are seeing this happen with their insurance....

Last Edited by Abi ~ on 12/11/2012 10:10 AM
You accept the love you think you deserve~~~

Love cannot live where there is no trust~~~

Truth has no temperature~~~
pink cat

User ID: 28454161
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12/11/2012 10:11 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
they took something off ours the other day, too. my husband was telling me. i do think now it was earthquakes. or something strange that we do not get here very often but it was enough to make you go then....why?

i will find out what that was for sure. i wasn't paying attention too much when my husband told me this a few weeks ago.

but now this post has jarred my memory.
+++ with a bunny hat +++
Anonymous Coward
User ID: 29557336
United States
12/11/2012 10:13 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


This is true..and alot of these insurance companies only offer flood insurance or Earthquake insurance due to these reinsurance companies..and I know in CA that the Earthquake insurance is like 10% of the cost of the home, or something really high like that. So it is not the insurance companies saying no really its the companies they contract with saying no or charging too much. I also thought the federal govt did the insuring of floods.. So that should not be an issue.
imjustsayin

User ID: 29378309
United States
12/11/2012 10:18 AM

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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
I saw on another thread a few weeks back that they have also made coverage for "Named Storms" a provision in insurance policies. That is why all storms are named now. If your policy states that you are not covered for "Named Storms" then if you get damage from wind, rain, snow or tornado due to the "named storm" you are on your own.
Love & Light...
BRIEF
Rebel with morals

User ID: 381742
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12/11/2012 10:27 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)


For a transfer of risk and liability, but when the odds are against them they won't renew contracts...
With freedom comes responsibility.

Heterosexual pride!

Briefcut4892
pink cat

User ID: 28454161
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12/11/2012 10:31 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
I saw on another thread a few weeks back that they have also made coverage for "Named Storms" a provision in insurance policies. That is why all storms are named now. If your policy states that you are not covered for "Named Storms" then if you get damage from wind, rain, snow or tornado due to the "named storm" you are on your own.
 Quoting: imjustsayin


siren2siren2siren2siren2

can anyone confirm if this is true?????
i knew there had to be a reasoning behind naming storms that was something about money. it's always about money.

people were saying it was for "ratings" on the weather channel but now this sheds a whole new light on it.
+++ with a bunny hat +++
thinkingoutsidetherho​mbus

User ID: 2938296
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12/11/2012 10:31 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


So are they going to lower your premium since they won't be providing earthquake coverage????

doubt
 Quoting: Maga


rofl

I was wondering the same thing, but it's extremely unlikely.
I don't know where you get your delusions, laser brain.
thinkingoutsidetherho​mbus

User ID: 2938296
United States
12/11/2012 10:33 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
I saw on another thread a few weeks back that they have also made coverage for "Named Storms" a provision in insurance policies. That is why all storms are named now. If your policy states that you are not covered for "Named Storms" then if you get damage from wind, rain, snow or tornado due to the "named storm" you are on your own.
 Quoting: imjustsayin


You have got to be kidding me.
I don't know where you get your delusions, laser brain.
thinkingoutsidetherho​mbus

User ID: 2938296
United States
12/11/2012 10:34 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
I saw on another thread a few weeks back that they have also made coverage for "Named Storms" a provision in insurance policies. That is why all storms are named now. If your policy states that you are not covered for "Named Storms" then if you get damage from wind, rain, snow or tornado due to the "named storm" you are on your own.
 Quoting: imjustsayin


siren2siren2siren2siren2

can anyone confirm if this is true?????
i knew there had to be a reasoning behind naming storms that was something about money. it's always about money.

people were saying it was for "ratings" on the weather channel but now this sheds a whole new light on it.
 Quoting: pink cat


PC, I'm glad you're back to your mustachioed villain avatar...always makes me smile! :)
I don't know where you get your delusions, laser brain.
Anonymous Coward
User ID: 24522527
United States
12/11/2012 10:36 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
I saw on another thread a few weeks back that they have also made coverage for "Named Storms" a provision in insurance policies. That is why all storms are named now. If your policy states that you are not covered for "Named Storms" then if you get damage from wind, rain, snow or tornado due to the "named storm" you are on your own.
 Quoting: imjustsayin


You have got to be kidding me.
 Quoting: thinkingoutsidetherhombus


AN ACT OF GOD and all that hoo ha
pink cat

User ID: 28454161
United States
12/11/2012 10:36 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
I saw on another thread a few weeks back that they have also made coverage for "Named Storms" a provision in insurance policies. That is why all storms are named now. If your policy states that you are not covered for "Named Storms" then if you get damage from wind, rain, snow or tornado due to the "named storm" you are on your own.
 Quoting: imjustsayin


siren2siren2siren2siren2

can anyone confirm if this is true?????
i knew there had to be a reasoning behind naming storms that was something about money. it's always about money.

people were saying it was for "ratings" on the weather channel but now this sheds a whole new light on it.
 Quoting: pink cat


PC, I'm glad you're back to your mustachioed villain avatar...always makes me smile! :)
 Quoting: thinkingoutsidetherhombus


:38spec:hfhf
+++ with a bunny hat +++
imjustsayin

User ID: 29378309
United States
12/11/2012 10:37 AM

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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
I saw on another thread a few weeks back that they have also made coverage for "Named Storms" a provision in insurance policies. That is why all storms are named now. If your policy states that you are not covered for "Named Storms" then if you get damage from wind, rain, snow or tornado due to the "named storm" you are on your own.
 Quoting: imjustsayin


You have got to be kidding me.
 Quoting: thinkingoutsidetherhombus


in florida... we pay extra for named storms....welcome to our world.
Love & Light...
Anonymous Coward
User ID: 28870983
United States
12/11/2012 10:40 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
Holy Crap! Red Alert!
Goob

User ID: 24183289
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12/11/2012 10:40 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
100 billion dollars

drevil
Anonymous Coward
User ID: 24522527
United States
12/11/2012 10:43 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
In Atlanta in recent weeks the city has closed down a large indoor public pool at MLK center because of threats to it's structure in the event of "an earthquake" or "80 mph wind gusts".

I thought that was might odd.

damned

[link to www.ajc.com]
Anonymous Coward
User ID: 28870983
United States
12/11/2012 10:43 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
when u talk to those guys, it's amazing at what is not covered....

no coverage for flood or water backup
no coverage for terrorism or any act of war
usually a limit of $200 for gold, silver and cash

and now they don't even want to cover earthquakes?
Anonymous Coward
User ID: 29130443
Canada
12/11/2012 10:49 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?
 Quoting: Wash


They read GLP.
Anonymous Coward
User ID: 28870983
United States
12/11/2012 10:51 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
when u talk to those guys, it's amazing at what is not covered....

no coverage for flood or water backup
no coverage for terrorism or any act of war
usually a limit of $200 for gold, silver and cash

and now they don't even want to cover earthquakes?
 Quoting: Anonymous Coward 28870983


there's usually a limit on firearms also....
thinkingoutsidetherho​mbus

User ID: 2938296
United States
12/11/2012 11:14 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
I saw on another thread a few weeks back that they have also made coverage for "Named Storms" a provision in insurance policies. That is why all storms are named now. If your policy states that you are not covered for "Named Storms" then if you get damage from wind, rain, snow or tornado due to the "named storm" you are on your own.
 Quoting: imjustsayin


You have got to be kidding me.
 Quoting: thinkingoutsidetherhombus


in florida... we pay extra for named storms....welcome to our world.
 Quoting: imjustsayin


Sheesh, I'm sorry. I'll stop bitching about the cold and ice here in CO now.
I don't know where you get your delusions, laser brain.
thinkingoutsidetherho​mbus

User ID: 2938296
United States
12/11/2012 11:15 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
I saw on another thread a few weeks back that they have also made coverage for "Named Storms" a provision in insurance policies. That is why all storms are named now. If your policy states that you are not covered for "Named Storms" then if you get damage from wind, rain, snow or tornado due to the "named storm" you are on your own.
 Quoting: imjustsayin


siren2siren2siren2siren2

can anyone confirm if this is true?????
i knew there had to be a reasoning behind naming storms that was something about money. it's always about money.

people were saying it was for "ratings" on the weather channel but now this sheds a whole new light on it.
 Quoting: pink cat


PC, I'm glad you're back to your mustachioed villain avatar...always makes me smile! :)
 Quoting: thinkingoutsidetherhombus


:38spec:hfhf
 Quoting: pink cat


Yikes...villainous indeed!
I don't know where you get your delusions, laser brain.
Anonymous Coward
User ID: 28008747
United States
12/11/2012 11:42 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)


Largely, it's useful because your mortgage will be accelerated if you don't have it.

North of NYC they are raising homeowner's insurance rates like crazy, now that we're apparently in hurricane country.
Saddletramp
We Don't Rent Pigs...

User ID: 739427
United States
12/11/2012 11:43 AM

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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
They did the same thing with sinkhole coverage all across the South...
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

"Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..."
Anonymous Coward
User ID: 25390958
United States
12/11/2012 11:50 AM
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Re: Earthquake cancellation notice from Billings Mutual Insurance in St.Charles Mo.
the only reason they havent dropped hurricaine insurances are because the new york refugees, they for sure are not going to cut off their own, the concept of insider insurance fraud on a grand scale comes to mind..

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