MS HB1687

Requires insurers to offer personal lines residential property insurance policies with dwelling coverage limits equal to the unpaid principal balance of all deeds of trust on the property.

Mandates insurers obtain a signed statement from all insureds acknowledging in 18-point boldfaced type that electing this coverage option means they will incur significant financial losses in the event of total loss or major damage exceeding the unpaid balance.

Requires insureds to provide lender-verified unpaid principal balance statements at each policy renewal, with insurers obligated to offer coverage at that limit alongside other available policies.

Applies only to single-family residences and investment property; excludes condominiums from all provisions.

Takes effect July 1, 2024.