GA SB553

Creates the Georgia Wind and Hail Underwriting Association, an unincorporated association of all private property insurers in the state, to serve as a residual market mechanism providing wind and hail insurance for residential and commercial property in the coastal area (11 counties including Chatham, Glynn, Camden, and others) when coverage is unavailable through the private market.

Establishes tax-advantaged catastrophe savings accounts allowing Georgia homeowners to save for hurricane, flood, or windstorm deductibles and uninsured losses, with contribution limits ranging from $2,000 (for deductibles ≤$1,000) up to $250,000 for self-insured individuals, with contributions deductible from state income tax and interest earned tax-exempt.

Provides multiple state income tax credits: up to $1,000 (25% of cost) for retrofitting a residence against hurricane/windstorm damage, up to $1,500 for sales tax paid on retrofit materials, and up to $1,250 for property insurance premiums exceeding 5% of adjusted gross income, with a 5-year carryforward.

Grants the Insurance Commissioner emergency regulatory authority during governor-declared emergencies, requires annual public hearings on coastal property insurance rates and availability, and mandates insurers notify policyholders about available premium discounts for wind-mitigation measures.

Authorizes Georgia coastal captive insurance companies to write primary and excess wind and storm surge coverage on Georgia property, requiring minimum $1 million in paid-in capital and $1 million in free surplus, and establishes a loss mitigation grant program offering matching grants of up to $5,000 per homeowner (up to $5,000 without match for low-income homeowners) for hurricane-resistant retrofits.