If you own a home, then you know how expensive homeowner's insurance is.
Now, homeowner's insurance rates could soon decrease.
Governor Robert Bentley signed an executive order that establishes the Alabama Center for Insurance Information & Research.
The center is a result of a more than two years worth of research by the Affordable Homeowner's Insurance Commission.
Whether it's a hurricane or a tornado a lot can contribute to an insurance rate increase.
Revenue Commissioner and Insurance Agent Julie Magee said, "It's not a rich person's problem. It truly is not. It doesn't matter whether you're waiting tables or you're an executive of a company. You know homeowners insurance is very very costly."
Governor Bentley said by signing an executive order to create the Alabama Center for Insurance Information & Research the public will be able to call and ask questions to better understand their homeowner's insurance policy.
"It's not run by insurance companies. This is a non bias type entity," Governor Bentley said.
The center will be housed on The University of Alabama campus as part of the Culverhouse College of Commerce.
The hope is that the center will help entice more insurance companies to do business in Alabama.
Magee said, "No one solution is going to solve this problem. The best thing that we can do is make sure Alabama is marketed amongst all the various carries. The more carries people can shop from the better the rates are."
That strategy may already be paying off. Governor Bentley added, "I cannot announce exactly who it was yet, but I was told yesterday by a company that they were going to begin to write more policies."
So whether its water or wind damage, many believe homeowners insurance rates may soon drop due to simple supply and demand.
The governor said he built in money in this year's budget for the new center, so they get started right away.
To read the entire news release from Bentley's office click here.
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