USAA drops wind coverage in coastal Mississippi counties
JACKSON, MS (WLOX) -
JACKSON, MS (WLOX) - The military insurance company USAA will no longer write wind and hail policies in Harrison, Hancock and Jackson Counties. Company officials informed State Insurance Commissioner Mike Chaney of their decision Wednesday.
It means 1550 policy holders will now have to get wind coverage from the state windpool, at a much higher cost.
USAA provided the Mississippi Insurance Department with the following explanation for the change:
"What we have recently done is to change the way we determine the risks to be placed in the Wind Pool. In the past, wind was excluded only for new business across the entirety of Hancock, Harrison and Jackson counties. Effective 2-01-11, we are also excluding wind from some renewals in those same counties.
We have created a "boundary" that will be used going forward for both new and renewal business. This "boundary" applies only in Hancock, Harrison and Jackson counties but does not include the full county.
Although we are excluding wind on renewal policies which we had not done in the past, we are excluding wind on fewer new business policies. We are also excluding wind on fewer renewal policies than if we had decided to exclude wind on renewals across the entirety of Hancock, Harrison and Jackson counties.
The policy impact is estimated at 1,550. The total insured value for the dwelling and contents is estimated at $598M."
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