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GA HB1297
Bill
Status
Engrossed
3/15/2022
Primary Sponsor
Matthew Gambill
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AI Summary
- Requires all property and casualty insurers in Georgia to provide insurance premium discounts or rate reductions by March 1, 2023, for new or retrofitted residential and commercial properties built to better resist tornadoes, hurricanes, or other catastrophic windstorm events
- Applies to single-family residential properties, commercial properties, and modular homes, but excludes manufactured homes and mobile homes except for Zone 3 HUD code manufactured homes installed to Commissioner-approved specifications
- Properties must be certified as constructed in accordance with the Insurance Institute for Business and Home Safety (IBHS) Fortified Programs standards as of January 1, 2022, or other mitigation program standards approved by the Commissioner, with certification performed by an IBHS-certified evaluator
- Insurers must submit actuarially justified rating plans to the Commissioner and may also voluntarily offer additional adjustments in deductibles, credit rate differentials, or other mitigation adjustments beyond the required discount
- Property owners claiming the discount must maintain sufficient certification and construction records, including a valid IBHS Fortified Programs certification, and the adjustment applies exclusively to policies providing wind coverage
Legislative Description
Insurance; discount for property owners who build a new property that better resists tornado and catastrophic windstorm events; provide
Last Action
Senate Tabled
4/1/2022
Committee Referrals
Insurance and Labor3/16/2022
Insurance2/10/2022
Full Bill Text
No bill text available