MS SB2709

Requires insurance companies to provide premium discounts or rate reductions for new commercial properties built to resist hurricane, tornado, or catastrophic windstorm damage by July 1, 2021, applicable statewide in Mississippi.

Requires insurance companies to provide premium discounts or rate reductions for retrofitted existing commercial properties that meet windstorm mitigation standards by July 1, 2021, applicable statewide in Mississippi.

Expands eligible building standards to include the 2012 or newer International Building Code for commercial properties, in addition to existing standards like Fortified for Safer Living and other approved mitigation programs.

Updates the definition of "insurable property" to include commercial property effective July 1, 2021, allowing commercial properties to qualify for wind coverage premium adjustments.

Effective July 1, 2020, with commercial property discount provisions taking effect July 1, 2021.