by WKRG Staff
Published: Thu, May 15, 2008 - 4:20 pm CST
First and foremost, we remain committed to be able to pay claims for existing companies, not just on the Alabama coast but throughout our service territory. Between Hurricanes Ivan and Katrina alone, Alfa paid out more than a half a billion dollars in claims.It’s important to note that insurance premiums are based on projected future risk, not past claims experience. Our coverage decisions reflect the projected risk of catastrophes. Reinsurance costs also reflect this risk and impact our coverage decisions as well.
Even as many insurance companies are either cancelling policies or renewing without wind coverage, Alfa is one of the few companies continuing to offer standard homeowners coverage. Our agents have been able to secure wind coverage for customers through the wind pool (AIUA). Sen. Brooks’ bill that passed the legislature last week opens up an additional source through the captive insurers.
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