Hurricane Katrina left its mark on Gulf Coast insurance policies, but legislation may be passed soon to make it more affordable to the thousands of condo owners

While the last summer fling at Alabama’s Gulf Coast beaches
faded out with Labor day weekend, hundreds of condominium owners at the coast
are battling with high insurance premiums. Although there have been no hurricanes this season, these rates spiked
considerably after Hurricane Katrina, and insurance legislation has been
working to make it more affordable now.

In response to this problem, former Foley mayor Tim Russell
has been pressing Governor Bob Riley to call a session of the legislature to
address coastal insurance; although this has not being currently planned, State
Senator Ben Brooks is preparing insurance reform legislation. There are no details on this bill yet, but he
has said that after looking at similar types of legislation in neighboring
states he’s concluded that South Carolina’s bill passed in June that stabilizes
the cost and availability of coastal insurance is favorable.

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