Coastal coverage battle emerges

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Riley, Hammett say proposal that would help property owners afford policies is meeting with opposition

Thursday, October 11, 2007

By SEBASTIAN KITCHEN

Capital Bureau

MONTGOMERY -- House Speaker Seth Hammett and Gov. Bob Riley signaled this week that there is opposition to a bill intended to help property owners along the coast who are struggling with the price and availability of insurance.

Hammett, D-Andalusia, said he agrees with the governor's decision to not call a special session of the Legislature because of "significant bipartisan opposition" to coastal insurance legislation.

"I absolutely have not seen that," said state Sen. Ben Brooks, R-Mobile, sponsor of the bill. "My experience with legislators has been just the opposite, Democrat and Republican. I am puzzled where that perception would come from."

Click here to read the full story from the Mobile Press Register.

House Approves Bill to Expand Flood Insurance Program

By Hugh Son and Erik Holm

Sept. 27 (Bloomberg) -- The U.S. House voted today to expand a federal flood insurance program to also include coverage for wind damage, a proposal that may reduce the role of private insurers in coastal areas.

The bill, approved 263 to 146, hasn't been voted on by the Senate. President George W. Bush threatened yesterday to veto the proposal, which his Office of Management and Budget called ``fiscally irresponsible.''

Click here to read the full story from Bloomberg.

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.

Proposal addresses state's coastal insurance concerns

Insurers would write more coastal policies to avoid penalties

Thursday, September 27, 2007

By DAN MURTAUGH

Staff Reporter

Proposed legislation unveiled Wednesday would force insurance companies to write more hurricane policies closer to the Gulf of Mexico in order to avoid penalties.

The bill would also give tax breaks to residents who make their homes more storm-resistant.

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

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.