Coastal insurance reform continues – LagniappeLagniappe

A group of Baldwin County residents is pushing coastal legislators to create a Coastal Insurance Working Group tasked with developing a plan to deliver solutions to comparatively high homeowners insurance rates coastal residents have paid since 2006.

The Homeowners Hurricane Insurance Initiative (HHII) was a major proponent of the Property Insurance Clarity Act of 2012, which required insurance companies authorized to do business in the state to report the number of policies they write in each ZIP code, along with premiums collected and losses incurred.

The bill was retroactive 10 years and included information from hurricanes Ivan and Katrina. According to data collected from the Clarity Act and analyzed by HHII’s Earl Janssen, homeowners in Baldwin and Mobile counties claimed an average of $585 in damages per year, compared to $703 in annual claims upstate.

The data also shows that since 2006, Baldwin County is consistently ranked in the bottom 10 in damage claims statewide. While Baldwin and Mobile homeowners consistently claimed less damages each year, they paid on average about $500 more per policy annually over the last 10 years.

via Coastal insurance reform continues – LagniappeLagniappe.