Missouri officials have announced that they will be decreasing the rates for the high risk healthcare pool by 23 percent for both current and new participants in the program. In 2010, Missouri created a new health insurance pool for the highest risk group, but though it was anticipated that there would be about 3,000 people who joined the program, less than 600 have done so, as many claim that the premiums are simply too expensive. The reduction in the rates are being made possible by both federal funds and policyholder…
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Missouri Department of Insurance says Joplin disaster will be the most costly insurance payout in state history
In late May, a small town in Missouri known as Joplin was ravaged by a powerful tornado. The damage caused to the town left many without homes or work and proved to be the most costly disaster in the state’s history. Federal agencies, insurance companies and emergency services rallied together to help those in need and steer the city toward recovery, but the road is long and the costs of recovery continue to mount. Officials with the Missouri Department of Insurance now say that the disaster is responsible for the…
Read MoreMissouri officials report recovery of $5 million from shady insurers, money to be returned to policyholders
The Insurance Department of Missouri has released their latest quarterly report regarding several issues with the state’s insurance industry. The state has been wracked with an onslaught of consumer complaints for the past three months, after devastating tornadoes tuck their toll in the towns of Joplin and St. Louis. These complaints spurred the Insurance Department to investigate several claims that were filed as well as the operations of some of the insurance companies operating in the state. While the report highlights a number of issues within the insurance industry, it…
Read MoreMissouri 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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