| Subscribe Now |
![]() |
|
| Weather |
Bloomington-Normal, Illinois
|
| Home |
| NewsFriday, June 20, 2008 12:07 PM CDT |
Governor puts moratorium on flood insurance cancellations
SPRINGFIELD — Gov. Rod Blagojevich on Thursday said that companies can’t cancel insurance policies of residents affected by recent flooding, even if homeowners are behind on their payments. “People are hurting and the last thing they need to worry about is having their insurance policies canceled during this very difficult time,” Blagojevich said. Private insurance companies sell flood policies on behalf of the National Flood Insurance Program run by the Federal Emergency Management Agency. FEMA is responsible for setting rates, deductibles and coverage terms. The moratorium on cancellations lasts 60 days, and two major Illinois insurers say the governor’s policy is a good one. State Farm Insurance Cos. spokeswoman Missy Lundberg couldn’t say how many flood victims are customers of the Bloomington-based company, but she said the insurer covers about one-third of houses in Illinois. She said State Farm officials were meeting Thursday to work out flood response details. “We are cooperating with the moratorium,” Lundberg said. Country Financial spokeswoman Chris Anderson said the Bloomington company heard about the upcoming moratorium Tuesday. She said the policy is not uncommon when natural disasters strike. “Our concern is that they get their lives back as soon as possible,” she said. Blagojevich’s order would cover all 21 counties that had been declared disaster areas as of June 10. The governor has the authority to issue the order because a state agency regulates the insurance industry in Illinois. |
|
||||||
|
![]() ![]() |
|
Top of Page | Home | News | Sports | Free Time | Life | Money | Nation/World | Opinion | Blogs/Columns | Archives | Site Map | RSS
Copyright © 2008, Pantagraph Publishing Co. and Lee Enterprises. All rights reserved. | Terms of Use | Privacy Policy
|