Rule 19-1-41.04 - DeductiblesInsurers are not required to include a named storm deductible or a hurricane deductible in a homeowners' insurance policy. However, should an insurer include a named storm deductible or a hurricane deductible in their policy filing, the insurer must comply with the provisions set forth in Miss. Code Ann. § 83-2-3; House Bill 756, 2014 Regular Session; and this Regulation.
A. Named Storm Deductible - a homeowners' insurance policy may offer a percentage deductible for the peril of wind from a named storm. If a percentage deductible is provided, the insurer shall offer a buy-back provision for that deductible as set forth in Rule 41.05 of this Regulation.B. Hurricane Deductible - a homeowners' insurance policy may offer a percentage deductible for the peril of wind from a hurricane. If a percentage deductible is provided, the insurer shall offer a buy-back provision for that deductible as set forth in Rule 41.05 of this Regulation.19 Miss. Code. R. 1-41.04
Miss. Code Ann. §§ 83-5-1; 83-2-3 (Rev 2011); HB 756, 2014 Regular Session