Regarding Randy Schultz’s column “Could property insurance be winning issue for Crist?”, which ran in the Biloxi Sun Herald, the insurance industry has started shifting hurricane risk to policyholders in the form of exceptions to coverage and, in a greater measure, to higher deductibles. Obviously, the higher the deductible, the lower the cost to insure. But how many folks can afford the higher out-of-pocket expense to cover the deductible?
This and the elevation requirement imposed by the Federal Emergency Management Agency have stifled much of the recovery and redevelopment in areas hit by hurricanes Katrina and Sandy. Nineteen states border the Atlantic or Gulf Coast from Maine to Texas. My suggestion would be for all 19 states to form an insurance company that would provide insurance that insures the deductible part of your normal hurricane insurance policy.
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