Cheaper Alabama Wind Insurance June 2016
There will be cheaper Alabama wind insurance June 2016. Alabama Insurance Underwriters Association (AIUA) will begin offering lower prices on 06/01/2016. These lower prices will only affect wind insurance in Mobile and Baldwin County.
Gov. Bentley Announces Lower Wind Insurance
On FOX10 TV, Governor Robert Bentley explained, “The underwriters for the insurance companies looked at all the numbers and were able to lower the cost for wind insurance and homeowners insurance.” The newer rates will reduce current actual cash value rates from 5% to 15%. These new rates will also reduce current replacement cost rates from 18% to 27%. AIUA will offer wind deductibles of 1%, 2%, 5%, and 10% to everyone.
Kym Thurman of LOCAL15 TV said, “You’re about to get a huge break towards wind coverage rates just in time for hurricane season”. James Gordon reports that homeowner groups and church groups all banded together to lower their insurance rates. The reasons to do this were:
- To help homeowners get replacement cost coverage at lower rates
- To reduce living expenses after rebuilding
- To meet building code costs
Governor Bentley said, “The people in Mobile, Baldwin County, and along the coast have had to endure extremely high costs for homeowners insurance particularly that related to wind.” Senator Bill Hightower said, “In doing this we’re not only helping out own lifestyle, resuming our life here on the coast after a hurricane, but we’re also insuring that the state has revenues that it needs to continue to operate.”
Cancel Wind Insurance
There are a few things to consider if you’re thinking about switching for cheaper Alabama wind insurance June 2016. If this makes you want to cancel your insurance, you may want to consider your cancellation fee. Cancellation fees are usually set to 25% and fees are retained.
Prices will go down all across the board. Yes, AIUA is the one to announce lower prices, but other companies want to stay competitive. Also note that not all policies are created equal. AIUA policies are usually devalued policies, insuring homes for actual cash value instead of replacement cost.
