Saturday, May 03, 2008
By JEFF AMY
Business Reporter
Allstate Insurance Group will cut wind coverage from the policies of up to 9,150 homeowners in Mobile and Baldwin counties by September 2009, the company has told state regulators.
The move marks a further deterioration in the traditional homeowners insurance market, as the state's top companies began retreats from the coast following 2004's Hurricane Ivan and continued the cutbacks after Hurricane Katrina the following year. More than 17,500 policies have been dropped or had wind coverage eliminated during that time, according to Press-Register counts.
The latest move could affect almost 5 percent of all homeowners in the two counties, which Census Bureau estimates indicate have about 200,000 owner-occupied homes. Those people will likely face higher prices, and some could end up in the Beach Pool, the common name for the Alabama Insurance Underwriting Association, the state's insurer of last resort.
Click here to read the full article from the Mobile Press-Register.
