Rep. Gene Taylor (D-Miss.) has introduced The Multiple Peril Insurance Act of 2009. The legislation would enable coastal homeowners to buy comprehensive insurance that covers damages caused by both wind and flooding. Taylor contends insurance companies over-billed taxpayers and underpaid homeowners after Hurricane Katrina by blaming flooding for some damage that had been caused by hurricane winds during the storm.
"Apparently, the insurance industry no longer wants to cover people for wind damage in coastal America or will not provide that coverage at a cost that is reasonable," Taylor says. "Throughout coastal America, property insurance companies have dramatically increased premiums on existing policies, cancelled existing policies, or have stopped writing new policies altogether for our nation's home and business owners. The Multiple Peril Insurance Act will solve this problem.”
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