The Sun Herald | 04/29/2006 | Wind pool rate hike of 398% sought

The Sun Herald | 04/29/2006 | Wind pool rate hike of 398% sought: "'This is going to be one of the most difficult decisions I have been required to make during my tenure as insurance commissioner,' said George Dale, who took office in 1976. 'It is very important that I act in the best interest of all Mississippi policyholders.

'I have to consider granting an increase to maintain the wind pool's stability, while also assuring there is a viable market that does not adversely affect citizens statewide.'"

Although we do not participate in the wind pool - and our windstorm coverage is provided through a private insurer... There's a very real possibility that many people, ourselves included, will be forced to participate when private insurers stop providing coverage. (See: Insurers canceling coastal policies - The Clarion-Ledger)

The article also gives an example of what a 398% increase would mean for policyholders:

"The effect of a requested 398 percent increase in rates for wind and hail coverage through the Mississippi wind pool is shown below on a policy that includes a 2 percent hurricane deductible and a $2,500 deductible for other wind and hail loss:

Current rate: $641 on a $100,000 house; $1,282 on a $200,000 house

Requested rate: $3,191 on a $100,000 house; $6,381 on a $200,000 house."

Keep in mind that this policy is for wind and hail only -- and does not include fire, theft or... of course... tidal surge.