Affordable insurance still a problem on the coast - WLOX.com - The News for South Mississippi

Affordable insurance still a problem on the coast

BILOXI (WLOX) - If you are a State Farm policy holder who lives in the three coastal counties, you may not like this bit of information.

The company is raising its hurricane deductibles. The deductible that has been two percent, will now increase to five percent.

Here is an example of what that change will mean. If your home is valued at $200,000 and your home sustained $40,000 in wind damage, your out of pocket cost would be $2,000. Under the new five percent deductible, that will go up to $5,000.

Mississippi insurance commissioner Mike Chaney says his hands are tied.

"There is very little we can do, this is what State Farm decided to do," Chaney told WLOX news.

As insurance commissioner, Chaney is the person who goes toe to toe with the insurance companies. He made it clear, he is not happy with State Farm. However, he does not want to see State Farm leave Mississippi.

"If they don't want to do business in Mississippi, they can pull out. There is nothing we can do to make them stay here."

Chaney had more discouraging news about another of State Farm's decisions.

After Katrina, the company decided to stop writing new policies in Mississippi.

He says he has tried to convince the company it is time to reconsider that policy, but he has been unsuccessful. Chaney says he remains optimistic, eventually, the company will relent.

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