The study is expected to have many benefits. For one, it would give leaders a clear cost-to-benefit analysis. As important, the wind mitigation study would allow for systematic improvements in the hurricane resistance of buildings in the six counties on the Mississippi Gulf Coast (Hancock, Harrison, Jackson, Stone, Pearl River and George) by utilizing wind-resistant construction techniques to reduce property damage and/or loss.
This would result in a significant reduction in insurance premiums, as well as reduce the negative economic impact of a hurricane on the entire state and its citizens, the MID said.
Florida’s mitigation discount experience suggests any premium reduction in Mississippi will be short-lived, according to the latest news from Tallahassee.
In the coming months, hundreds of thousands of Florida homeowners will see insurance bills increase. And many others will open their mailboxes and get the insurance industry’s version of the pink slip, forcing them to buy coverage from the state or turn to companies they might never have heard of. Continue reading “Low tide, rising rates sink all ships”