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Coastal insurance legislation unveiled

Thursday, September 27, 2007
By 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.

Click here to read the complete article in the Montgomery Advertiser.

Insurance bill to be released

Wednesday, September 26, 2007

By SEBASTIAN KITCHEN

Capital Bureau

MONTGOMERY -- Gov. Bob Riley will join state Sen. Ben Brooks and other legislators in Irvington today to unveil a bill intended to overhaul property insurance along the Alabama coast.

Key items in the bill will include restructuring and expanding beach pool coverage, offering tax breaks to homeowners who upgrade their properties to reduce the possibility of storm damage and allowing condominiums to use captive insurance, which provides a form of self-insurance.

Click here to read the complete story from the Mobile Press-Register.