ARE PROPERTY OWNERS ON THE MISSISSIPPI GULF COAST BEING OVERCHARGED FOR INSURANCE?
Find out what is being done.
LEGISLATIVE FORUM for a Property Insurance Clarity Act
Thursday, October 23, 2014, 6:30pm, St. Thomas Catholic Church, Hwy 90 Long Beach
Open forum • All citizens are invited
It is time for Mississippi to pass a Clarity Bill, the first step to lowering high windstorm rates which have burdened property owners and stifled economic development in the coastal counties. Accurate data reporting from insurance companies by zip code is absolutely essential to protecting homeowners and businesses from being overcharged.
Alabama and Louisiana recently passed Clarity Bills into law, which require insurance companies to report premiums and claims paid by zip code. Data from the Alabama bill has shown that coastal counties actually have had a lower loss-per-policy than other areas of the state, which means that property owners in coastal areas are being charged unjustifiably higher rates for windstorm insurance. Why? Because the rates have been calculated using inaccurate hurricane models and the unsupported assumption of higher risk in coastal areas, rather than actual premiums to claims data. Our Mississippi Insurance Commissioner/Insurance Department is obligated to citizens to assure just rates, and therefore should support clear and transparent reporting by zip code.
The second step is a multi-state group approaching the United States Congress and asking for a charter for a national wind insurance co-operative that will cover a Coastal Band 75 miles inland from the beaches all the way from Texas to Maine. Interstate meetings are now taking place for the purpose of planning the approach to Congress. This wind insurance co-operative will not be a governmental agency, but will be organized along the lines of the rural electric co-operatives. Most likely some of the Rural Electrification Act of 1935 will be used as a model piece of legislation.
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LEGISLATORS and public officials will be present. Comments or questions for them should be submitted in writing and in advance to: Bob Chatham, Meeting Facilitator, Mississippi Affordable Wind Insurance Coalition, email@example.com, cell 228-861-3245.