Updated: Wednesday, 09 May 2012, 6:02 PM CDT
Published : Wednesday, 09 May 2012, 12:46 PM CDT
MONTGOMERY, Ala. (WALA) - They're still up for review, but all indications are Governor Robert Bentley will sign into law three new Senate Bills into law.
The proposed laws would give insurance companies both tax credit and flexibility, but also provide accountability to companies writing homeowners insurance policies in Alabama.
Senate Bill 230 is a bill that gives tax credits to insurance companies that write policies in particular areas of Mobile and Baldwin counties.
"This is related to the AIUA (Alabama Insurance Underwriting Association), the wind pool and basically what's happened since hurricane Ivan is the pool's went from 2900 policies, almost all on the sand in Dauphin Island, Orange Beach, Gulf Shores to 25,000 policies throughout the two counties," said Ragan Ingram with the Alabama Department of Insurance.
Senate Bill 210 is a bill that requires insurance companies to share information with the state. Data will be made available to the public online.
"With this legislation on 210, consumers and insurance carriers will be able to see from an aggregate, where the losses are coming from," said Carl Schneider with Schneider Insurance Agency, Inc.
The third, Senate Bill 164 will allow insurers in Alabama to have more flexibility in their investments by allowing them to make new, out-of-state investments.
Schneider is an independent insurance agent and has been working in Mobile for decades. Schneider said that he's already seen a positive effect and more insurance companies are already doing business in the state.
"All companies are re-addressing their exposure. And as that is happening and they reduce their exposure and increase their premiums inland, new carriers are seeing an opportunity to come into the state," Schneider said.
Schneider said there already are some incentives in place at the state and local level that will help homeowners save on their insurance.
"When you re-roof, that's the best time to save yourself money on your insurance if you do it right. And that's where the fortified home program comes into effect," he said. "For a few hundred dollars invested, you can see savings of 10-15 percent year after year."
The bills will now go to the Governor's Office for review.
Helpful Links
www.smarthomeamerica.org
www.disaster-smart.com
www.ibhs.org
www.aldoi.gov
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