Mississippi Commissioner: Coastal Insurance Rates to Increase

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The state’s new insurance commissioner says Mississippi Gulf Coast residents can expect an insurance rate increase this year.

Commissioner Mike Chaney spoke Monday at the opening of the Insurance Department’s coast office in Gulfport, Miss.

Chaney, who took office this month, said the rate increase will be reasonable. He said he will not allow triple-digit increases from private companies without a full public hearing.

The commissioner said he’s hopeful private companies will return to the coast market with wind policies, but warned those policies won’t be at pre-Hurricane Katrina rates.

Chaney said insurance continues to be the most important issue facing the coast in its rebuilding process and it will affect the entire state.

Information from: The Sun Herald, http://www.sunherald.com