Group Says Residents are Being Overcharged for Homeowners Insurance

Reported by: Mark Armstrong
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Updated: 5/01 9:43 pm
One organization says you are being overcharged for homeowners insurance. Thursday night, the Homeowners Hurricane Insurance Initiative held a meeting at St. Thomas Episcopal Church in Diamondhead. The multi-state, grass roots group wants Mississippi to pass a clarity law. The law would require insurance companies to reveal how much money is paid into premiums and how much money is paid out for insurance claims. The group says homeowners on the Coast are being overcharged for insurance, and a clarity law would prove it. A similar law has been passed in Alabama.

Michelle Kurtz of the Homeowners Hurricane Insurance Initiative says, “In Alabama, the clarity law data came online and we did a loss per policy analysis and it shows that over the last ten years, the coastal counties have not been draining the system. We’ve actually been subsidizing the rest of the state.” According to the group, homeowners on the Coast have had their insurance premiums unfairly raised 300%.


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