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Chaney: Insurance rates have 'leveled off'

MISSISSIPPI GULF COAST — State Insurance Commissioner Mike Chaney says property insurance rates in Mississippi have leveled off for the time being.

The Sun Herald reports Chaney told a meeting of the Gulf Coast Business Club that more carriers have entered the insurance market but many of them are not writing on the Gulf Coast.

Many private insurers cancelled policies and raised rates after Hurricane Katrina in 2005.

Chaney says the state has a new mitigation program up and running to help homeowners identify and pay for retrofits that could lower their insurance rates.

He says discounts offered by the state wind pool could lower rates from $1.17 for each $100 of coverage to as little as 83 cents to 84 cents. He says the pre-Katrina rate for coverage was 71 cents per $100.

Source: The Sun Herald

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