As Hurricane Irene bowled through the east coast, it left behind a path of destruction caused by its high winds and rains, with initial estimates for the damage ranging from $2 to $7 billion. That said, much of the bill for rebuilding will be covered by taxpayer dollars. The reason for this additional cost to taxpayers is that the majority of home and business owners in the Northeast don’t have coverage for flooding caused by hurricanes, and the federal insurance program is already facing a debt worth billions of dollars.…
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Property insurance rates in Mississippi even out but insurers still wary
The Mississippi Insurance Commissioner, Mike Chaney, is reporting that property insurance rates in the state are leveling off. Chaney spoke Tuesday at a luncheon hosted by the Gulf Coast Business Club. Predictions of an unusually active hurricane season earlier this year from the National Oceanic and Atmospheric Administration spurred a sharp rise in insurance rates in Mississippi and neighboring states. The momentum seems to have died out, however, a trend that Chaney believes is due to models that suggest many storms will be diverted to Texas or up the East…
Read MoreSeveral rally to keep government flood program intact
Record flooding has put Mississippi in a state of disarray. The extent of flood damage is proof enough of the importance of insurance coverage, says the state’s Insurance Commissioner, Mike Chaney. Spurred by the flooding, Chaney is petitioning Congress to renew the National Flood Insurance Program (NFIP) for another 5 years. Chaney argues that Mississippi residents relying on the program for coverage should not have to worry about their only means of protection disappearing. Several other Insurance Commissioners from across the country have joined in support of the continuance of…
Read MoreMississippi homeowners insurance increase approved
Beginning in June some residents of Mississippi could see their homeowners insurance rates go up. The state Insurance Commissioner has been in negotiations with Allstate Insurance Company for almost a year and a half, before the two reached an agreement. In 2006 Allstate was given the ok to raise rates in Mississippi by 29 percent, with three of the counties considered coastal being raised by 90 percent. In 2008 they petitioned for another rate increase and were given approval for a 14 percent statewide average increase. When Allstate filed for…
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