HB 888 Summary

• Expands catastrophe savings accounts to allow contributions for qualified disaster mitigation expenses, including tornado safe rooms, impact-resistant windows and doors, roof reinforcement, flood-resistant materials, and generator installation.

• Clarifies that annual contribution limits to catastrophe savings accounts are yearly limits (not lifetime), ranging from $2,000 to $350,000 depending on insurance deductible amounts or self-insured status.

• Establishes the Mississippi Comprehensive Hurricane and Wind Damage Mitigation Program Trust Fund, funded by property and casualty insurance company contributions capped at $1,500,000 annually, with an initial $5,000,000 transfer from the Mississippi Surplus Lines Association.

• Expands the hurricane damage mitigation program to include wind damage mitigation and authorizes the Department of Insurance to contract with third-party vendors to administer the program using up to 10% of fund monies for administration.

• Removes the July 1, 2025 repealer on the Comprehensive Hurricane and Wind Damage Mitigation Program, making it a permanent program effective July 1, 2024.