The final day of November was anything but kind to many Oklahoma residents in in the east central part of the state. Residential occupants and business owners across a swath of counties were hit by multiple tornadoes, which reaped considerable property damage over a broad area.
This is a not a story of an insurance entity’s bad faith or questionable failure to act regarding a relatively limited number of policyholder complaints. Rather, it is a flat-out singular tale chronicling a huge issue confronting potentially 35,000 or more homeowners in one state.
The most relevant term concerning storm systems that move across Oklahoma is unquestionably “across.” Oklahoma is frequently a venue for nasty weather patterns that affect cities, towns and agricultural enclaves from one end of the state to the other. Widespread storms understandably pack a big punch, bringing the ready potential to inflict heavy damage relevant to both human life and property.
At least a portion of the answer to the above-posed blog headline can be supplied from a single sentence in our immediately preceding post relevant to all types of insurance. We noted in our October 12 entry at Mansell, Engel & Cole that “the essential idea and thrust of insurance is clear enough: its purpose is to protect against loss and risk.”
Insurance coverage is simultaneously one of the most complex yet simple business offerings. On the one hand, we all know that a policy is going to feature pages of fine-print legalese, coupled with riders, exclusions and other qualifying factors. Many of those ultimately catch policyholders in Oklahoma and elsewhere by surprise, resulting in unanticipated detriment. That is true regardless of the type of insurance involved.
The average amount paid for health insurance premiums by American policyholders rose notably between 2015 and 2016.
If you’re old enough, you likely remember a time when you groused about forking over a $20 co-pay when you visited your doctor.
Although few people likely think of adequate insurance coverage as being akin to a warm and comforting blanket, we submit at Mansell, Engel & Cole that such imagery is not misplaced. Truly, real protection against life’s material risks should feel something like a blanket.
A recent insurance-themed article relates that a policy dispute proceeded in relatively straightforward fashion for national insurer State Farm through the court system in one state.
You just might be – in fact, there’s a better-than-average chance you are – an Oklahoma homeowner who lacks a detailed listing of household valuables that need to be accounted for in the wake of a storm or other adverse event.