Mississippi REALTORS® Seek Disaster Aid for Homeowners
The Mississippi Association of REALTORS® is advocating for legislation that will provide Mississippi homeowners with important information and resources in connection with natural disasters. This proposed legislation is intended to address some of the issues that homeowners faced after Hurricane Katrina.
In 2005, Hurricane Katrina caused destruction all along the Gulf Coast. The aftermath was also devastating, as many homeowners found out too late that they had no insurance coverage, or that their coverage was not enough to repair or replace their homes.
The Property Insurance Clarity Act (House Bill 739) in the Mississippi Legislature would require insurers to disclose how much they collect in premiums and how much they pay in claims in each ZIP code.
Derek Easley, the Mississippi Association of REALTORS’® government affairs director, said the bill would improve transparency in the insurance industry by requiring insurers to provide homeowners with information regarding the costs and benefits of different policies issued in homeowners’ neighborhoods. This information is particularly critical to homeowners in coastal areas who need to insure against damage caused by hurricanes and high winds.
The REALTORS® association is also supporting state legislation, House Bill 1134, that would authorize taxpayers to establish catastrophe savings accounts to pay insurance policy deductibles and other uninsured portions of losses to the taxpayer’s residence from hurricanes, floods, windstorms or other catastrophic events. The savings account and any distributions from the account would not be subject to a Mississippi tax. Among other things, the savings accounts would enable homeowners to purchase insurance with higher deductibles.
The Mississippi Association of REALTORS® continues to advocate for legislation that will support and protect homeowners in the state of Mississippi.