Wind pool insurance rates going up in Mississippi

Insurance rates for the state wind pool are set to increase Dec. 1 on renewals and new policies.

A Mississippi Insurance Department filing shows owners of homes and mobile homes will see hikes of 3.2 percent, and commercial policies will go up 5 percent.

This is the first increase since post-Katrina rate hikes in 2006, wind pool Director Joe Shumaker said.

The wind pool is wind insurer of last resort for Mississippi’s six southernmost counties. Before Katrina, the wind pool consisted of 16,000 to 17,000 policies. As private insurers dropped wind coverage along the Coast, wind pool policies climbed to about 46,000.

Sun Herald