Alabama Insurance Commission Backs Catastrophe Savings Accounts

A commission put together by Gov. Robert Bentley has made its first recommendations about the availability and affordability of homeowners’ insurance.

The Affordable Homeowners Insurance Commission said it decided to back legislation that would create catastrophic savings accounts. These would give homeowners tax benefits on money they set aside to help pay costs from a major storm.

The Press-Register reported the commission also agreed to support legislation that would give insurance discounts to homeowners statewide if they upgrade their homes to withstand major storms. Residents of Alabama’s two coastal counties already get them.

The commission also requested that $100 million be set aside from the BP oil spill settlement to help residents make their homes more resistant to storms.

The commission will meet again next month to work on more recommendations.