House Bill 744 Summary

• Extends hurricane and windstorm damage mitigation insurance premium discounts to include commercial property, in addition to existing residential property coverage.

• Requires insurance companies to provide premium discounts or rate reductions for new commercial insurable property built to resist hurricane, tornado, or catastrophic windstorm damage by July 1, 2021.

• Requires insurance companies to provide premium discounts or rate reductions for retrofitted existing commercial insurable property meeting mitigation standards by July 1, 2021.

• Modifies the definition of "insurable property" to include commercial property effective July 1, 2021, while maintaining existing coverage for single-family residential and modular homes.

• Specifies that commercial properties must meet building code standards, Fortified for Safer Living criteria, or other mitigation programs approved by the Insurance Commissioner to qualify for discounts.