MS HB323

Requires insurance companies to provide premium discounts or rate reductions by January 1, 2019 for homeowners who build new properties designed to resist tornado or other catastrophic windstorm events in any Mississippi county.

Eligible properties must be certified as constructed according to the 2006 or newer International Residential Code with coastal construction supplement, Fortified for Safer Living standards, or other mitigation programs approved by the Commissioner of Insurance.

Certification must be completed by a building official, certified building evaluator, or Institute for Business and Home Safety certified evaluator, with owners required to maintain Certificate of Occupancy and construction records.

Insurers must submit actuarially justified rating plans for wind coverage adjustments, with flexibility to offer different discount amounts for building code compliance versus Fortified for Safer Living certification.

Takes effect July 1, 2018.