New insurance director promises some help for coastal areas

(Columbia-AP) February 28, 2007 - New State Insurance Director Scott Richardson told a legislative committee Wednesday morning help is on the way for dealing with the insurance problems of coastal residents.

But Richardson says a proposal to expand what's called the state wind pool will not solve the problem.

Some lawmakers want to sharply expand the area where a state-backed group provides insurance to those unable to get it from private companies. Only certain immediate beach areas are covered now. Richardson says he's only willing to expand the coverage in a handful of areas. He says a wide expansion would cost homeowners thousands in higher premiums.

Worries about hurricane damage have prompted some companies to cancel policies or to charge sharply higher premiums.

The committee took no action Wednesday.

Provided by Bryce Mursch WIS10 Columbia