The Alabama Insurance Underwriting Association, known as the windpool, grew by a third between February 2010 and February 2011 with its total policy count rising from 15,214 policies to 20,350 policies.
Bob Groves, manager of the windpool, said the increase is due to a number of insurers dropping their policies along the state’s coastline and inland areas. Allstate Insurance non-renewed 3,000 policies in March. Also, Alfa Mutual has dropped some 5,000 policies. Farmers Insurance plans to cut 10,400 policies by July. Typically, a minority of the customers let go by private insurers end up in the pool because many property owners drop wind coverage altogether.
Alabama Governor Robert Bentley is creating a special commission to address the rising cost of insurance for coastal homeowners and said he plans on calling a special session of the Legislature to deal with the issue.
Topics Alabama
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