Insurance companies across the country are beginning to do what they do best…fail their policyholders when they are needed the most. Many Gulf Coast homeowners picked up the pieces of their lives and started rebuilding their hurricane and tornado-damaged homes only to find out that the drywall they used in the rebuilding was defective, cheap Chinese imports.
I have blogged earlier about the type of problems this defective drywall causes and the uncertainty of recovery from the Chinese manufacturers.
Now that the insurance companies have become aware of the existence of the Chinese drywall in their insureds’ homes, they are delivering the second whammy to the beleaguered homeowners with notices of cancellation or non-renewal.
Innocent consumers are now facing the situation of owning and living in homes with corroding pipes and electrical wiring, noxious odors, damaged appliances, no realistic hopes for damage recovery and now, no insurance coverage… a requirement for most mortgages. Without insurance coverage, the banks will begin foreclosing on the homes putting more innocent victims in debt and out of their homes.
It’s past time for our legislators to start looking out for ordinary citizens. For too long foreign companies have had unfettered access to American markets, but hide behind their own governments’ refusal to make them answer to victims in our court system. Restricting victim’s rights in the name of international commerce and corporate profits have brought about terrible consequences for many Americans. It’s also past time for the bloated insurance industry to continue to enjoy anti-trust exemption status as they readily give their policyholders the shaft.
Richard J. Arsenault, 2011
