Missouri Insurance Department recovers funds amidst swarm of complaints

Auto Insurance complaints

Missouri Insurance Department fields 26,000 consumers complaints The Missouri Insurance Department is fielding some 26,000 consumer complaints concerning the coverage they receive through the state’s insurance companies. This week alone, the agency has received more than 10,000 complaints and inquiries regarding the practices of insurance companies. On average, the agency typically receives 16,000 complaints throughout the course of an entire year. Spurred by these complaints, the Missouri Insurance Department has reclaimed some $7.7 million that will be returned to the state’s insurance consumers. Common complaints involve health insurance The most…

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Insurance rates in Missouri to rise after troublesome year of natural disasters.

Missouri residents can expect to see higher rates for their homeowners insurance in the coming months thanks to the major disaster that struck the town of Joplin early last year. On May 22, 2011, a massive tornado rolled through Joplin, causing unprecedented damage throughout the town causing many businesses to shut down and leaving nearly a third of the town uninhabitable. The tornado cost the state millions of dollars in insured losses, and now insurers are looking to recovery some of that money. Several insurers have proposed rate hikes between…

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New Missouri laws could help residents and insurers during natural disasters

New insurance laws have been enacted in the state of Missouri this week. The laws come as a result of several devastation storms that ravaged parts of the state earlier this year. State insurance regulators say that the laws will afford new protections to residents concerned with damages caused by storms. The laws will also protect residents against opportunistic contractors with less-than-altruistic motives. Insurers will also benefit from the laws as it will enable them to better assist in the recover process. The first law, Senate Bill 101, will bar…

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Missouri residents are underinsured

Missouri just held an event noting the 200 year anniversary for the New Madrid earthquake. John M. Huff, the acting director Missouri’s Department of Insurance, spoke at said event to help bring awareness to the weak number of homes that actually have earthquake insurance within the state.  He has also has expressed in the past,  that there’s a large percentage of homeowners that will not be accurately protected if an earthquake happens these days. Huff’s concern is, that over the past ten year’s the amount of earthquake policies purchased has sharply decreased and the ones that do have…

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