Public Official Becomes Insurance Insider
By
The Associated Press
Published: Mon, March 24, 2008 - 11:46 am
homeowners insurance. Rates in the state jumped by 69.1 percent
between 2001 and 2005 - the second-largest rise nationally -
despite the fact that Alabamians have lower incomes and are
typically insuring less expensive home than in most other states.
According to figures from the National Association of Insurance
Commissioners, the rate pushes the state's average premium for the
most common kind of homeowners insurance well above the national
norm. Only Minnesota was worse with a 70.3 percent increase.
Alabama Insurance Commissioner Walter Bell said the pain for
homeowners in Alabama's two coastal counties, Mobile and Baldwin,
has continued to worsen since 2005, although there have been signs
of improvement in the state's other 65 counties.
No data has been released for 2006 and 2007. Bell said he
expects cost to rise at as lower pace beginning next year if there
isn't a catastrophe.
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Information From: Press-Register
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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I guess i should consider my self luckier than a lot because i managed to pay off my mortgage so i am not forced to keep home owner insurance.It’s fortunate that i did because a few years ago i was priced out of any insurance. They didn’t cancel it, they just made it unaffordable for me.We need a bare bones policy from the state that we can pay for.I guess the insurance commissioner can’t raise too much of a fuss or he might not be able to get a job with the insurance companies once he leaves state employment.