Mississippi Casino Funds May Be Appropriated for Insurance Purposes
22, July 2006
All across America homeowners' insurance rates are rising during this hurricane season in a reaction to the devastation caused by last year's Hurricane Katrina. In Mississippi insurance Rates may increase by as much as 400%, the amount of rate increase requested by the Mississippi Windstorm Underwriting Association. After the rate increase was requested earlier this year, the State set aside $50 million of Federal Block Grants in order to keep it down. While the request has not yet been granted, two State Representatives have come forward with an idea that may help keep the increase down and help out the State.
Diane Peranich and Jamie Franks are proposing that some of the projected growth in Mississippi casino revenue should be diverted in order to hold down the rate increases covering long term.
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