Mississippi looking to mandate some homeowners insurance discounts
Mississippi homeowners insurance companies would be required to give homeowners discounts for making improvements that make their homes less vulnerable to wind damage, under a potential law being developed by state officials.
Mississippi Insurance Commissioner Mike Chaney told the Sun Herald that he is developing a bill that would require insurers to give homeowners lower insurance rates after implementing damage mitigation steps such as stronger roofs or other upgrades.
The paper says the Mississippi Department of Finance and Administration is already running a program in which the Federal Emergency Management Agency would pay 75 percent of the cost of many improvements.
"Homeowners on the Gulf Coast want to know how they can get a discount on their insurance," Representative Scott Delano told the paper. "We in the state have been saying that mitigation is a way to lower insurance rates. This program, unfortunately, does not make that connection."
A revision to the state's building regulations may result in stronger home construction throughout the state. Last month, Mississippi ranked last out of 18 Atlantic coast states in an evaluation of building codes by the Insurance Institute for Business & Home Safety.
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