HJR220 Summary

• Expresses the Alabama Legislature's commitment to addressing commercial property insurance instability in coastal Alabama, which attracts over 11 million visitors annually and generates approximately $10 billion in tourism-related spending.

• Acknowledges potential state tax revenue losses exceeding $400,000,000 over a two-year post-storm recovery period due to catastrophic weather events and insurance market instability.

• Directs continued exploration of state-level interventions including state-backed reinsurance, risk pooling programs, catastrophe bonds, targeted tax credits for wind-resistant construction, and expanded coverage under the Alabama Insurance Underwriting Association's Wind Pool.

• Requests the Governor and Alabama Department of Insurance review insurance industry practices regarding rate setting, claim denials, and policy nonrenewals in coastal zones to ensure transparency and accountability.

• Calls for strengthening construction standards and zoning policies in high-risk areas and extending the Alabama Coastal Commercial Insurance Joint Interim Study Commission's work to refine solutions and provide annual market assessments.