Home » NEWS » Chaney: Insurance rates have 'leveled off'

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


… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Megan Wright

One comment

Leave a Reply

Your email address will not be published. Required fields are marked *