New Alabama Insurance Commissioner Jim Ridling said Tuesday that Gov. Bob Riley’s administration is mulling plans to subsidize homeowners insurance in Mobile and Baldwin counties, a potentially major shift.
He indicated that among possibilities would be to provide subsidies to help residents cover high deductibles. He also indicated that the state would consider giving tax credits or rebates to Mobile and Baldwin residents whose rates are much higher than statewide averages.
Sen. Trip Pittman, R-Montrose, indicated that a third possibility could call for using state money to provide funding to create a captive insurance company that would write policies in coastal areas. Such a company has been under discussion for several years, but finding money for initial reserves has been a hurdle. Advocates have also sought money from cities and counties.
Ridling warned that spending state money to help coastal residents pay for insurance would be resisted by the rest of the state.
Alabama insurance commissioner says state considering subsidies for coastal homeowners insurance
Surely we’re not asking for a handout from the state to pay our insurance, are we? Fair prices and equal treatment is what’s really needed. If a building is structurally sound and meets code requirements insurance should be available. If you can’t afford your insurance, move.
4 comments ↓
Seems the requirement be that insurance companies that write in areas, and enjoy the profits for (2004/Ivan-1979/Frederick=25 years) twenty-five years should be held accountable.
Homeowners have paid, it is the insurance companies that did not prepare for the risks and now like every large company around the nation want out or have the government secure their risks???
I don’t expect the state to bail us out, I expect the Alabama state to stand up to the insurance companies that have made record profits, yet cannot write a insurance policy to people they have had as customers for 25+ years.
What happened to accountability?
point well made… several times; however, it is hard to hold their feet to the fire when our legislators are “kicking back” at the insurance companies expense. I’m not refering to local legislators, but those found in Montgomery even on the weekends…
I feel that if an insurance company either refuses to write policies for Baldwin co. homeowners or if they make it impossible for us to afford their coverage then we as a united group should cancel all of our other policies with them. Why pay them to cover our cars, lifes or anything else when they treat us like dirt when it comes to our homes.
I am a disabled senior just keeping my head above water. I have a small home and pay $ 85 per month on a small income. What am I suppose to do if I am canciled or not renewed. Try to sell my only asset my home because I can’t pay the insurance in a down real estate market and then live in the street. Someone in the state needs to get on the small guys side. If my rate was doubled again I would have to go bankrupt. I lay awake each night in worry and this is not how I expected to spend my final years. Why can’t Gov Riley do something meaningful.
Thank You
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