Thursday, September 27, 2007By Garry Mitchell
The Associated Press
IRVINGTON -- Legislation designed to help the Gulf Coast real estate industry and coastal homeowners hit by high insurance rates was unveiled Wednesday, but Gov. Bob Riley said there is no current consensus to address it in a special session.
The legislation, drawn up after damage from Hurricanes Ivan and Katrina made insuring coastal property far more expensive or unavailable, would create an authority to provide the insurance through an expanded "beach pool."
It would allow condominiums to use a form of self-insurance known as "captive insurance" and would provide tax incentives for hurricane-resistant home improvements.
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