The Property Casualty Insurers Association of America is urging the Mississippi House to support legislation (SB 2014) that will help clarify for consumers that coverage for flood damage is excluded from homeowners insurance policies.
Under SB 2014 consumers will receive written notices that explicitly state that flood coverage is excluded from their homeowners policy and that information about flood insurance is available from the insurer, insurance agent or the National Flood Insurance Program. In addition, the notice will advise policyholders that contents coverage may be available with the flood policy for an additional premium.
“A consumer fore warned is a consumer fore armed,” William Stander, PCI assistant vice president and regional manager said. “Hurricane Katrina dramatized the importance of consumers purchasing flood insurance. These notices are intended to help consumers better understand the level of protection they have and where they can find additional information about purchasing flood coverage. This legislation is designed to improve communications with policyholders without being overly burdensome.”
PCI is opposing a flood exclusion notice bill (HB 982), which requires consumers sign a verification form that they have received the information. “This legislation unnecessarily adds costs without providing any additional consumer benefits,” Stander said.
Topics Legislation Flood Mississippi
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