Four states working to fix insurance

A range of remedies to help homeowners and businesses

August 15 2007: 9:11 AM EDT

(FSB Magazine) -- A range of remedies to help homeowners and businesses.

ALABAMA

• Increased insurance pool for coastal residents.

• Passed enabling legislation for captive insurance in 2006.

FLORIDA

• Capped renewal rates, increased state disaster fund, and ordered rate cuts.

• Passed captive legislation in 1982.

LOUISIANA

• Offers grants to companies to enter the market or write new property coverage.

• Stiffened requirements for rate-change approval.

• Plans to introduce captive legislation in 2008.

MISSISSIPPI

• Boosted wind insurance pool by 300%, providing $7 billion worth of coverage.

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