Homeowner Insurance Spring

Public hearing on insurance plans a chance to be heard

Is it north Alabama’s responsibility to help make coastal property insurance more affordable?

That’s a question likely to be raised Monday in Decatur during a public hearing of the Affordable Homeowners Insurance Commission.

Most are curious to find out how the push for more affordable residential property insurance in Mobile and Baldwin counties will affect north Alabama. If it does, what will it cost?

Those questions came up at public hearings in Dothan, Guntersville, Mobile and Tuscaloosa the past few weeks. The strong opinions and calls for help came from 700 people at the hearing in Mobile.

There was not so much emotion or attendance from people in other areas, even in Tuscaloosa, where devastation from spring tornado damage is still being felt.

Decatur’s meeting is the last in the series of public hearings. After, the commission will draft a report for Gov. Robert Bentley and the Legislature with recommendations to resolve insurance issues.

“Alabama is a community; we should treat ourselves as such,” said Huntsville attorney John Caylor, a member of the commission helping to coordinate the Decatur meeting.

Caylor said if Alabamians can look at themselves “as one economic entity, then the Gulf Coast matters to everyone.”

Caylor said the “economic engine” of south Alabama is one reason for interest here, but there are others.

When Bentley toured towns damaged by this year’s spring tornadoes, he saw the problems in other parts of the state, Caylor said. Bentley decided the commission should hear from people about their property insurance concerns as well.

One reason for a statewide look is that when pricing property coverage rates, insurers look more at statewide models than regional ones, Caylor said.

“If you have a $50,000 wind and water deductible on a house at the Gulf, then it may be more than most people can pay,” Caylor said.

One pricing solution could be forming multi-state compacts where similar coastal states join together to increase the pool of insured property. That could take legislation to accomplish, but could also broaden the risk base and lower rates, Caylor said.

iHacked.ca | Public hearing on insurance plans a chance to be heard

Is it north Alabama’s responsibility to help make coastal property insurance more affordable?

That’s a question likely to be raised Monday in Decatur during a public hearing of the Affordable Homeowners Insurance Commission.

Most are curious to find out how the push for more affordable residential property insurance in Mobile and Baldwin counties will affect north Alabama. If it does, what will it cost?

Those questions came up at public hearings in Dothan, Guntersville, Mobile and Tuscaloosa the past few weeks. The strong opinions and calls for help came from 700 people at the hearing in Mobile.

There was not so much emotion or attendance from people in other areas, even in Tuscaloosa, where devastation from spring tornado damage is still being felt.

Decatur’s meeting is the last in the series of public hearings. After, the commission will draft a report for Gov. Robert Bentley and the Legislature with recommendations to resolve insurance issues.

“Alabama is a community; we should treat ourselves as such,” said Huntsville attorney John Caylor, a member of the commission helping to coordinate the Decatur meeting.

Caylor said if Alabamians can look at themselves “as one economic entity, then the Gulf Coast matters to everyone.”

Caylor said the “economic engine” of south Alabama is one reason for interest here, but there are others.

When Bentley toured towns damaged by this year’s spring tornadoes, he saw the problems in other parts of the state, Caylor said. Bentley decided the commission should hear from people about their property insurance concerns as well.

One reason for a statewide look is that when pricing property coverage rates, insurers look more at statewide models than regional ones, Caylor said.

“If you have a $50,000 wind and water deductible on a house at the Gulf, then it may be more than most people can pay,” Caylor said.

One pricing solution could be forming multi-state compacts where similar coastal states join together to increase the pool of insured property. That could take legislation to accomplish, but could also broaden the risk base and lower rates, Caylor said.

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