Alabama governor introduces work group that will examine the insurance market along the Gulf Coast
Alabama Governor Robert Bentley has appointed a work group that is meant to study the homeowners insurance business along the Gulf Coast. In recent years, homeowners insurance premiums in the area have been rising at an astonishing rate, which is placing property owners under some financial strain. The work group will examine the market and determine what can be done to improve the insurance sector and reduce the strain on consumers along the Gulf Coast.
Work group may help establish new policies and framework that will benefit homeowners
One of the primary goals of the work group is to focus on the development of policies and guidelines that will help establish a multi-state framework that will benefit the homeowners and commercial property insurance sector. Community organizers, lawmakers, lobbyists, and state insurance officials have been appointed to the work group. Those with insight into the insurance industry are expected to bring beneficial expertise to the work group.
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State measures have had an impact on the homeowners insurance market in many parts of the state
Over the past five year, numerous laws and regulations have been put into place to stabilize the homeowners insurance sector. Some of these measures were also meant to help consumer decipher why their insurance rates have increased, but many people still remain confused about certain aspects of their homeowners insurance coverage and how some factors affect the price of their coverage. The state has also worked to create opportunities for homeowners to mitigate the damage their properties see from storms, which could help them reduce their homeowners insurance premiums.
Work group may be able to provide information that will benefit the insurance industry and consumers
It will take time for the work group to determine what should be done to improve the homeowners insurance market. The information collected by the work group will provide Alabama lawmakers with the insight they need to better understand the homeowners insurance sector and introduce new measures that will benefit both the insurance industry and consumers alike.