MS SB2465

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

Homes must be certified as constructed in compliance with the 2006 or newer International Residential Code, Fortified for Safer Living programs, or other mitigation programs approved by the Mississippi Insurance Commissioner.

Certification must be completed by a building official, licensed building evaluator, or Institute for Business and Home Safety certified evaluator.

Insurers must submit actuarially justified rating plans to the Commissioner and may offer different adjustment amounts for building code compliance versus Fortified for Safer Living certification.

Adjustments apply only to wind coverage portions of homeowners insurance policies and must be documented with Certificate of Occupancy or valid certification records maintained by the property owner.