Live in Disaster Prone Areas – No Home Insurance
Homeowners of areas which experience frequent natural disasters like those affected by hurricane Katrina, have insurance firms packing up their bags. Allstate started it all when they began to send out notices to current home insurance policy holders that they will not be offering renewals of their policies with new policies put on hold as they shift to other more profitable areas. The insurance industry has suffered a lot during the recent sequences of natural disasters that piled up to the extent of some going bankrupt, unable to settle claims from customers who have policies with them. State Farm followed suit and also began denying the issuance of new policies and renewals were also denied. Market experts and specialists found that these insurance firms have gone to extreme measures by covertly doing their withdrawal tactics leaving homeowners high and dry. Even new house buyers are getting second thoughts for they have the money to get the house and insurance but since policies are not issued, there would be no way of protecting their investment.