Insurers Commend Mississippi’s New Mitigation Program

The Mississippi Legislature put its stamp of approval on a comprehensive homeowner mitigation program earlier this week, giving final approval to HB 753 and sending it to Gov. Haley Barbour.

The program has the potential to substantially reduce the threat of natural catastrophe losses to home and business owners, according to the American Insurance Association.

“Comprehensive mitigation programs, including policies that encourage the hardening of existing buildings, are one of the keys to stable coastal insurance markets,” said Cecil Pearce, AIA vice president, Southeast Region. “Mississippi, less than two years removed from the destruction of Hurricane Katrina, has heard that message with the passage of HB 753.”

The measure establishes a program similar to the MySafeFloridaHome program, providing no-cost state wind certification and hurricane mitigation inspections to home and business owners, with the option of state grants to fund recommended storm proofing home improvements.

The new program also will provide homeowners with the potential for insurance premium discounts for their investment in mitigation improvements.

“The Florida program is a great example of the commitment that all our coastal states need to make to mitigation efforts,” said Pearce. “The word seems to be spreading with Mississippi’s passage of HB 753. We look forward to working with the Department of Insurance to implement the new program.”

Source: www.aiadc.org