Jackson - Friday, August 3, 2007
The Wind Pool approved using credits against premiums for fortified construction designed to lessen damage from hurricanes. They also created new optional deductibles of 5%, 10%, 15%, and 20%. The credits for fortified construction will dramatically reduce the premium cost for insurance on buildings that meet the standards of the Institute for Business and Home Safety.
The new deductibles will also provide a method to reduce premiums. Policyholders have the option to reduce their annual premiums by personally accepting more of the risk of loss.
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