Alabama
Alfa Raises Homeowners Insurance Rates in Alabama
Alabama homeowners, especially those with landlord and farm policies, will be seeing insurance rates that are about 20% higher if their coverage is through Alfa Mutual Group. According to the Alabama state actuary, Charles Angell, this increase is not designed to account for losses caused by a spate of tornadoes which struck the state last […]
Read moreAlabama Has Been Paid, BP Says
Representatives of BP, the oil company responsible for the Deepwater Horizon catastrophe in the Gulf of Mexico earlier this year, said it’s paid more than $657 million to the state of Alabama for claims, grands and recovery costs. The petroleum company released those numbers among other updated figures earlier this week, and said that the […]
Read moreAlabama Wind Pool Changes Policy on Buildings In/On Water
The Alabama Insurance Underwriting Association, that states last-resort insurer for such policies, announced on Friday that it would no longer be issuing policies for buildings built over or in water. According to association manager Bob Groves, while they provide coverage for wind damage, they are concerned about water undermining the structure of buildings. Current policy […]
Read moreAlabama Buys Hurricane Insurance
I didn’t know an entire state could purchase hurricane insurance, but according to the Insurance Journal, the state of Alabama has done just that. Under a deal that took effect last month, Alabama will pay $800,000/year for three years to global insurer Swiss Re, as a hedge against heavy hurricane damage to state-owned coastal property. […]
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