Mississippi Rates Leveling Off

Mississippi Insurance Commissioner Mike Chaney said property insurance rates in his state have leveled off for the time being.

Chaney told a meeting of the Gulf Coast Business Club that more carriers have entered the insurance market but many of them are not writing on the Gulf Coast.

Many private insurers cancelled policies and raised rates after Hurricane Katrina in 2005.

Chaney said the state has a new mitigation program to help homeowners identify and pay for retrofits that could lower their insurance rates.

He said discounts offered by the state wind pool could lower rates from $1.17 for each $100 of coverage to as little as 83 cents to 84 cents. He said the pre-Katrina rate for coverage was 71 cents per $100.

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