State Farm to offer wind-mitigation discounts
Published: March 3,2010
Insurance Commissioner Mike Chaney tells The Sun Herald that he approved State Farm’s plan to offer the mitigation discounts. They will apply to new construction and retrofits to older homes.
Discounts range from 8 to 30 percent, depending on the location of a home, condominium unit or rental property and construction techniques used.
Chaney says the highest discount is available only to policyholders south of Interstate 10 who meet strict guidelines for new construction, including hurricane mitigation measures, set by the insurance industry’s Institute for Business and Home Safety.
State Farm spokesman David Majors says the company will send more information to policyholders in mid-March about how the program works.
Majors says similar programs are in place in Louisiana, Alabama and South Carolina.
State Farm has dropped wind coverage for coast customers who live within 2,500 feet of the Mississippi Sound, or bays that spill into it. But the company still has around 20,000 policies with wind coverage in South Mississippi.
Also, State Farm says agents are being allowed to write one new policy for each policy they lose.
To sign up for Mississippi Business Daily Updates, click here.
2 Responses to “State Farm to offer wind-mitigation discounts”
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- UMMC reaching out after death of high school football player
- Former Godwin CEO Danny Mitchell dies at 66
- Northrop Grumman lands $354M Air Force contract for Global Hawks
- MDOT: Work on I-269 is on schedule, several phases at halfway point
- More school districts join MAEP lawsuit brought by Musgrove
- Delta Council says condition of Highway 6 'of crisis dimensions'
- Thousands of acres of Delta farmland to go on auction block
- Court tosses challenge to Miss. Silicon’s clean air permit
- S&P: State in top 10 in U.S. in sales tax dependency