MS HB321

Permits insurance policies covering damaged property to include deductions for expense depreciation (depreciation of costs for goods, materials, labor, services, fees, permits, and taxes needed to replace or repair property).

Requires insurance policies that allow expense depreciation to include notice of this provision in a form approved by the Mississippi Commissioner of Insurance.

Mandates insurers provide written explanation of how expense depreciation was calculated when applied to a damaged property loss.

Effective date is July 1, 2017.