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Insurance department proposes $10 million annual mitigation fund, aims to reallocate non‑admitted policy fee
Summary
The state Insurance Department told the Appropriations Subcommittee it seeks to reallocate part of the non‑admitted policy fee to create a recurring mitigation grant fund for coastal homeowners, increase individual grant caps and raise a company fee to seed the program.
The Insurance Department asked the Senate Appropriations Subcommittee on Thursday to reallocate part of the state’s non‑admitted policy fee to create a permanent mitigation fund aimed at reducing coastal home insurance premiums.
Deputy Commissioner David Brown told the committee the legislature appropriated $5,000,000 to a “comprehensive hurricane damage mitigation fund” for the current fiscal year and the department is close to beginning mitigation work. Brown said the department is proposing to take $10,000,000 off the top of the non‑admitted policy fee each year to create what he described as a “Strength of Mississippi Homes” mitigation program and to increase individual grant amounts.
Why it matters: Department officials said investing in home mitigation gives immediate, demonstrable reductions in damage from…
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