Nashville, TN (WiredPRNews.com) Companies selling and administering policies for home and car insurance in TN are being asked to provide a 60-day grace period on payments and renewals to customers who have been affected by the recent natural disasters hitting the state.
Adverse weather conditions began in mid-April, and the Tennessee Department of Commerce and Insurance issued a memorandum at the end of last week asking home and car insurers to “make every reasonable effort to assist policyholders who have experienced losses as a result of, or have otherwise been affected by, the floods or storms of this April or May.”
Usually, policyholders who fail to renew or fail to pay their premiums by the due date have their coverage severed immediately. But they can now request from their insurers a 60-day grace period that will begin on the date of the loss for those who have had physical or property damages as a result of the storms. The department emphasized in its release that policyholders must ask for the grace period — it is not automatic — and that they are still responsible for paying for their full premiums.
According to the Wall Street Journal, representatives from State Farm said that the company had received more than 9,000 Tennessee auto insurance claims as of midday Friday, May 6. State Farm has the largest book of auto coverage business in the state, with more than a 20 percent market share in 2010.
To learn more about this and other Tennessee insurance issues, readers can go to http://www.onlineautoinsurance.com/tennessee/ where visitors will find informative resource pages and a quote-comparison generator that can help residents of any state locate the best rates for a policy.