Mississippi Insurance Commissioner Mike Chaney says he is hopeful that the homeowner insurance rates that have spiked in recent years are now beginning to stabilize.
Chaney said he is hopeful that legislation passed during the 2024 session that provides grants to help homeowners put more wind resistant roofs on their homes will help lower the cost of premiums. He said the Legislature placed $5 million in the program.
“While this will help launch the program, the Legislature will need to provide additional annual funding well above this amount so that the program can provide the necessary benefits to reach a significant number of policyholders across our state,” Chaney said via email.
While homeowners’ insurance rates in Mississippi have risen significantly, the increases have been less than in many surrounding states, according to various studies.
Chaney said his agency, which regulates the insurance industry in Mississippi, has received requests for double digit increases.
“We worked with companies to consider less than what their indicated need was … We feel that rate pressures will begin to stabilize along with inflation. Some companies that requested rates over 15% last year are now seeing a much lesser need – many are now in single digits,” Chaney said.