Commissioner Mike Chaney on Wind Insurance Rates

Wind Insurance is an issue important to very many here on the Coast and the recent passing of the Clarity Act has been seen as an important step to fairer insurance rates.
The Clarity Act will require insurance companies to explain how and why they charge what they do and clarify it by zip code. Insurance Commissioner Mike Chaney tells News 25 that other than Wind Insurance, rates along the Gulf Coast are fairly low. He says what ultimately is going to drive down wind insurance rates is competition.
“What we got to do is recruit more companies to have more competition. To that end, we’ve added over 200 companies in the last eight years and we have companies now that have been admitted that will write wind only in competition with state run wind pools, which is really good news for folks,” said Chaney.
Commissioner Chaney is up for re-election this year and faces opponent John Mosley.

Categories: Local News, News

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