Chinese drywall situation underscores importance of homeowners insurance

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A group of U.S. senators are calling on the Small Business Administration to consider new steps to help companies and homeowners who have been victims of the Chinese drywall problem.

A group of U.S. senators are calling on the Small Business Administration to consider new steps to help companies and homeowners who have been victims of the Chinese drywall problem.

The problem has been particularly pronounced in states like Florida and Louisiana, although the Senate Committee on Small Business notes that 608 consumers in 21 states have complained about the drywall.

The situation involves drywall imported from China that has sickened homeowners, damaged homes and even corroded appliance parts with noxious fumes given off by the material soon after being installed.

"Families in our states are, in many cases, watching their dream homes turn into nightmares. As the Federal government determines the full size and scope of this disaster, we believe it is important to marshal all appropriate Federal resources that may assist these families," said Senators Mary Landrieu, Bill Nelson, Mark Warner and Jim Webb in a joint statement.

Specifically, the senators are asking the SBA to determine whether it can make economic injury declarations or physical disaster declarations for uninsured losses involving homes and businesses under certain circumstances.

While this problem has not affected a large percentage of Americans, it still helps illustrate the importance of carrying sufficient protection in the form of good homeowner's insurance.

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Posted: July 31, 2009

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