Read Your Policy…
August 30, 2007
… and discuss it with your agent. Get things in writing.
Tunnell joined thousands of people in the U.S. who already knew a secret about the insurance industry: When there’s a disaster, the companies homeowners count on to protect them from financial ruin routinely pay less than what policies promise. Insurers often pay 30-60 percent of the cost of rebuilding a damaged home — even when carriers assure homeowners they’re fully covered, thousands of complaints with state insurance departments and civil court cases show.Paying out less to victims of catastrophes has helped produce record profits. In the past 12 years, insurance company net income has soared — even in the wake of Hurricane Katrina, the worst natural disaster in U.S. history.