Speaking of soaked:$38million added to Mississippi windpool – Coast Rep. Brandon Jones all wet waiting “for the insurance market to stabilize…”

“As we wait for the insurance market to stabilize, keeping money flowing into the wind pool is critical for thousands of Gulf Coast families and businesses.”

House Insurance Committee Vice Chair Brandon Jones, D-Pascagoula

“Wait”!  How long? What possible incentive is there “for the insurance market to stabilize” when states are willing to pick up the tab?  None.  Nada. Zero.  Just not going to happen!

Mississippi’s return on investment in the windpool since Katrina is an additional 28,000 property owners depending on the State to cover loss from wind damage to their property – 44,000 total, according to the story in today’s Sun Herald.

The state Legislature has passed a bill containing an extra $20 million for the homeowners’ insurance wind pool.

The bill has $20 million in new money for the wind pool from a disaster-reserve fund, plus $18 million to finish previous legislative commitments to the program.

After Hurricane Katrina, many homeowners were unable to get coverage from the private insurers. For them, the state-backed wind pool insurance program was the only option.

Where is the “insurance market” Representative Jones thinks will “stabilize”?  It is certainly not in the six coastal counties covered by the “state-backed wind pool insurance program”.