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Just a week after USAA dropped wind coverage from 1,550 insurance policies on homes in the three southernmost counties of Mississippi, a handful of new insurers have entered the coastal markets in that state and in Alabama.
American Strategic, Coastal American, PURE, Republic, Southern Fidelity, and Wilshire are now offering coverage in both states, and while their addition to the market may not provide enough competition to make insurance rates go down, but at least several thousand homeowners will have more options to choose from at a time when options for wind coverage have been dwindling.
In Alabama, more than 50,000 home- and business owners along the coast will be losing – or have lost – their wind insurance coverage since 2004’s Hurricane Ivan. Alfa Mutual Group, Allstate Corp., and Farmers Insurance Group are among those making significant cuts in their exposure in the Gulf Coast region.