Mississippi Lawmakers Push Bill That Would Disclose Insurance Costs
A group of lawmakers and residents from the Mississippi Gulf Coast are again pushing a bill that would require insurance companies to disclose how much they’re charging customers by geographic area.
The idea, which originated in Alabama, is meant to provide evidence to people who are fighting for lower insurance rates.
Insurance Commissioner Mike Chaney, a Republican, has agreed to seek such data from companies on a one-time basis. But lawmakers say they want to ensure the data is gathered over multiple years.
The cost to insure homes spiked in coastal areas following 2005’s Hurricane Katrina and have not fallen much since. Members of the Mississippi Affordable Wind Insurance Coalition say the cost of insurance is causing some people not to buy houses and is exhausting the savings of others.
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