Tuesday, Oct 16,2012
By:
A recent risk-reducing initiative in Mississippi could lead to residents receiving lowered homeowners insurance rates if they retrofit and update their property.
The project, spearheaded by Coastal Retrofit Mississippi and the Federal Emergency Management Agency (FEMA), will reward homeowners for choosing to proactively retrofit and protect their homes by supplying them with detailed construction possibilities and lowered insurance rates. FEMA will also pay for 75 percent of the construction costs, leaving consumers responsible for just 25 percent.
According to the Sun-Herald, the rate discounts are being offered by three major carriers, including State Farm, Travelers and Nationwide. Although the discounts don't have an exact rate at present, a representative of State Farm told the paper that they would be similar to the rates offered in Alabama, or between 8 and 30 percent off.
The firm is offering two different retrofitting plans, one based on roofing and the other on "openings," which includes doors and windows. Before beginning the plan, the homeowner pays a $250 inspection fee, which counts toward the 25 percent that they pay of the total cost of the procedure. Following the inspection, the homeowners are informed of the necessary steps needed, and which retrofitting procedure is best for their home.
» Meet the HomeInsurance.com Editorial News Team
Related Home Insurance Articles:
- White House requests $60 billion for Sandy relief Friday, Dec 14,2012
- Superstorm was predicted decades ago, according to observers Tuesday, Dec 11,2012
- Insurance tips for wintry weather Monday, Dec 10,2012
- FEMA may need support following 2012 season Thursday, Dec 06,2012
- 2012 hurricane season draws to a close Wednesday, Dec 05,2012
