Mississippi Coastal Residents Hoping for Lower Insurance Premiums

A coalition is working to build momentum for state legislation in 2015 that organizers hope would lead to lower property insurance rates on the Coast.

The Sun Herald reports two policyholders, one from Long Beach and one from Pass Christian, told a crowd of about 140 people Thursday night they might have to give up their homes because of wind insurance rate hikes of 300 percent or more after Hurricane Katrina hit in 2005.

Nine Coast legislators heard their stories and answered questions during a forum.
Forum moderator Jim Simpson, a former legislator, said a Coast resident might pay $3,850 a year for property insurance, while someone in Meridian pays $850 a year. Simpson said that leaves $3,000 less to circulate in the local economy.