A new Mississippi insurance wind pool board approved a 142 percent increase for commercial premiums, a rate that’s significantly lower than it could have been because of $30 million from the federal government.
Beginning April 15, new premiums for the state-sponsored wind pool will be more than 100 percent lower than the 268 percent hike approved last year. Those who have been paying the higher premiums, beginning Oct. 1, will be eligible for refunds or credits, according to www.sunherald.com.
The newly appointed board also decided to have its next meeting later this month in Bay St. Louis, a first for the Mississippi Windstorm Underwriting Association, or wind pool, which has always met in Jackson.
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