“JP Morgan Chase gouges homeowners for temporary insurance, a class action claims in Federal Court. The named plaintiffs say Chase charged $403 for 20 days coverage, which it bought from its own subsidiary or affiliate, American Security Insurance Co. That works out to $7,300 a year for coverage for which they were paying $500 annually. They claim more than 100,000 people could be affected. ”
Posts Tagged ‘homeowners insurance’
Chase gouges homeowners on insurance: suit
April 28, 2009FTC orders top insurers to release data
December 30, 2008The nine top providers of home-owner insurance have been ordered to provide the agency with information about policy holders, premiums, claims data, use of credit history etc. The companies are: State Farm, Allstate, Fire Insurance Exchange, Nationwide, The Travelers, United Services Automobile Association, Liberty Mutual, The Chubb Corporation and American Family Mutual. The FTC says that these nine carriers comprise sixty percent of the homeowners insurance market. The companies have until April 24th 2009 to provide this information to the FTC
This request intrigues me because I don’t think insurance carriers have been required by the FTC to provide this kind of information before. Also, the data itself will be a fascinating glimpse at a mostly hidden market; what it charges, terms and conditions of insurance, the relationship between credit-based insurance scores and the insurance provided. Finally, this information about the top nine homeowner insurance carriers isn’t that easy to come by and here it is presented in a government news release. I am surprised that Hartford Financial, Century 21 and CNA aren’t in this top group.
