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Condominiums For Sale in Gulf Shores and Orange Beach Alabama- Condo Insurance Rates
Coast condo industry pushes for action on rising insurance ratesMOBILE, Ala. (AP) - As Labor Day tourists take an end-of-summer beach trip, owners of thousands of condominiums that line the Alabama Gulf Coast say they're getting burned by soaring insurance premiums. Insurance legislation aimed at making coverage available and affordable on the coast since rates spiked after Hurricane Katrina couldn't come soon enough for the resort real estate industry. "It's horrible. Rates have gone through the ceiling," said Fort Morgan builder Greg Miller. Miller said Friday he paid $22,000 in coverage on four condo units until Katrina struck two years ago. He said he now pays $108,000 on his units for less coverage. "That's all we could get." He said the deductible on wind damage has risen from 2 percent to 5 percent.
Rates began rising after Hurricane Ivan struck three years ago as insurers moved to avoid huge disaster losses from future storms. "We actually have some documented 1,000 percent increases. Most are in the 300 to 400 percent range," said longtime insurance dealer and former Foley Mayor Tim Russell. Russell is among those pressing Gov. Bob Riley to call a special session of the Legislature to deal with the coastal ... more

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