Senate sends governor bill to give $25M to wind pool

The Sun Herald, 3/14/8

The Mississippi Senate on Friday sent the governor a bill to transfer $25 million into a fund that assists the state wind pool.

The wind pool is the insurer of last resort for those who need wind coverage in high-risk areas where no private insurer will write policies.

Insurance Commissioner Mike Chaney has said rates increased 90 percent for homeowners and 162 percent for businesses after Hurricane Katrina’s storm surge devastated the region.

Some insurance companies stopped writing new policies. That led to a spike in the number insured by the wind pool, which is funded by assessing all insurance companies that provide property coverage in the state.