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Solutions elusive as many struggle with expensive insurance: affordability, availability, exclusions and confusion affecting residential and commercial policyholders.

Publication: Mississippi Business Journal
Publication Date: 25-AUG-08 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Solutions elusive as many struggle with expensive insurance: affordability, availability, exclusions and confusion affecting residential and commercial policyholders.(Coast Rebuilding)

Article Excerpt
Insurance issues continue to be a thorn in the side of the Coast's recovery. The problems of affordability, availability, exclusions and confusion are affecting residential and commercial policyholders. For three years, careers have dropped coverage and policyholders and raised rates, making it difficult for home and business owners to plan.

State Insurance Commissioner Mike Chaney says the issues boil down to those of being able to buy coverage when it's needed and being able to get a valid claim paid.

"We still have issues of predictability and stability in the market place," he said. "We want to maintain competitive insurance in the state. Without available, affordable coverage, it will take 12 to 20 years to rebuild the Coast."

[ILLUSTRATION OMITTED]

A key issue is the steep rise in the rates of wind coverage for coastal homes and businesses. With insurance companies excluding that coverage,...

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