Insurer announces discounts for protecting against wind
Mississippi residents living south of Interstate 10 receive largest discounts.
Protecting their property from wind damage can create savings for many homeowners – especially those living in Mississippi.
A major life insurance company recently announced that mitigation discounts will be given to renters and homeowners who retrofit their old homes or build new structures that are resistant to wind damage, according to a report by the Sun Herald. The state’s insurance commissioner, Michael Chaney, has said that he approved the measure.
Discounts will range from 8 to 30 percent, with policyholders living south of Interstate 10 receiving the largest discounts. This interstate runs across the southern border of the state, close to the Mississippi Sound. Homeowners living in this area may experience wind damage resulting from hurricanes and tropical storms.
“We did this voluntarily,” a spokesperson for the insurer told the Herald. “Nobody mandated this. We have similar programs in Louisiana, Alabama and South Carolina.”
A recent report by the Insurance Information Institute showed that wind and hail accounted for the highest share of claims between 2003 and 2007. The average claim severity was $7,163, higher than average claims for theft and water damage and freezing.
Posted: March 4, 2010
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