The state’s insurer of last resort, the Alabama Insurance Underwriting Association, will stop issuing policies for buildings standing in or built over water.
The association provides coverage for wind damage, but Manager Bob Groves said Friday the association is worried about the water undermining buildings.
People who currently hold policies on a building in or over water can keep the insurance as long as they own the building and pay the premiums. But the association will not cover the new owners, and it will drop coverage when water encroaches on a building that is now on land.
The Press-Register reported that the change is expected to affect fewer than 400 policies out of the 18,500 issued by the association.
Topics Alabama
Was this article valuable?
Here are more articles you may enjoy.
US Tracking Cyber Threats Against Nearly 20 Ships Worldwide 
Aon Raises $13.5 Billion From Bond Sale to Fund USI Takeover 
New York Developers Look North of Miami for Florida’s Next Boom 
Florida Home Sellers Cutting Prices Adds to Pressure on Lennar 
