Baldwin Mutual Insurance Company

Baldwin Mutual Insurance Company came into existence in 1921 to offer insurance policies for people who reside in the Baldwin County and were unable to secure coverage from other insurance providers. In 1943, Baldwin Mutual Insurance Company shifted its headquarters to Alabama where it remains to date. The company is proud to have offered insurance to over 100,000 Alabama property owners who for one reason or the other may not have secured coverage elsewhere. In a bid to increase coverage to its customers, Baldwin Mutual Insurance Company is licensed to provide flood insurance to the state of Alabama. This is according to FEMA.gov

Baldwin Mutual Insurance Company Drops Close to 1700 Policies

In 2012, the company decided to drop 1,700 policies in a bid to streamline its operation. According to the company, since the occurrence of the hurricanes Ivan and Katrina in 2005, covering property along the coast of Alabama had become more and more expensive. This forced the company to drop some of it policies to ensure that the company financial status remained sound.

Why is Flood Insurance Along the Coast of Alabama Difficult to Obtain?

Many insurance providers shy away from providing flood insurance along the coast of Alabama since they consider it a high-risk area. The coast is prone to hurricanes thus making it difficult for insurers to offer coverage to the residents. Perhaps the frequency and magnitude at which natural disasters occur along Alabama’s coast is what keeps insurers away. It is not surprising to see then that Baldwin Mutual Insurance Company decided to drop some of its policies along the coast of Alabama.

According to Kevin Russell, the company’s vice president, the cost of reinsurance, which is basically the insurance purchased by insurance companies so as to lower the potential losses in case of a natural disaster have increased rapidly. He said that for each increase in reinsurance costs, it took Baldwin Mutual Insurance Company between one and one and half years to get higher rates for customers approved and in place. He added that since the occurrences of these natural disasters, the company operated at a loss.

So, Does Baldwin Mutual Insurance Company still Offer Flood Insurance?

Yes, it does, but the concentration has shifted away from the coast of Alabama. The policy covers property damage caused by the rise of water. Depending on the type of cover purchased, you may be covered for other things such as personal belongings, jewelry, and permanent installations as well as water heaters.

How Do You File a Natural Disaster Claim?

You can file a natural disaster claim with Baldwin Mutual Insurance Company by contacting them on (877) 943-8526 or by fax (251) 943-6335.