{"id":21316,"date":"2024-01-26T17:57:00","date_gmt":"2024-01-26T17:57:00","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=757421"},"modified":"2024-01-26T17:57:00","modified_gmt":"2024-01-26T17:57:00","slug":"georgia-bill-would-require-wind-mit-premium-discounts-for-commercial-properties","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/01\/26\/georgia-bill-would-require-wind-mit-premium-discounts-for-commercial-properties\/","title":{"rendered":"Georgia Bill Would Require Wind-Mit Premium Discounts for Commercial Properties"},"content":{"rendered":"<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/southeast\/2024\/01\/26\/757421.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/southeast\/2024\/01\/26\/757421.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p>Property insurers in Georgia would be required to provide premium discounts for not only residential, but also for commercial structures that are built or retrofitted to resist wind damage, if a bill approved by Senate committee becomes law.<\/p>\n<p>The Senate Insurance and Labor Committee on Thursday voted in Favor of an updated version of the bill, which was passed in the House of Representatives last year by a vote of 172-1.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-topics=\"commercial-lines\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>\u201cNot later than March 1, 2025, insurers shall provide a premium discount or insurance rate reduction for new or retrofitted commercial insurable property in an amount and manner as established in subsection (e) of this Code section,\u201d the bill reads.<\/p>\n<p>Subsection (e) would require insurance carriers to submit discount rate plans to the state insurance commissioner. \u201cAn adjustment shall only apply to policies that provide wind coverage and may apply to that portion of the premium for wind coverage or to the total premium if the insurer does not separate out its premium for wind coverage\u2026\u201d<\/p>\n<p>Georgia, like other coastal states, already provides for some types of premium reductions for homes that are fortified to better prevent damage from hurricanes and other windstorms. These may include stronger roof connections, along with window and door protections. <a href=\"https:\/\/www.legis.ga.gov\/legislation\/64081\">HB 279<\/a>, which had multiple sponsors in the House, would expand those discounts for more homes and for commercial properties.<\/p>\n<p>The bill did not address funding for retrofits. A number of Southern states offer matching grants for homeowners who undertake hardening efforts and inspections.<\/p>\n<p>Sponsors of the bill could not be reached Friday morning.<\/p>\n<p class=\"tagtag\"> <span class=\"tagtag\">Topics<\/span> <a href=\"https:\/\/www.insurancejournal.com\/commercial-lines\/\" class=\"btn btn-sm btn-primary tagtag\">Commercial Lines<\/a> <a href=\"https:\/\/www.insurancejournal.com\/location\/georgia\/\" class=\"btn btn-sm btn-primary tagtag\">Georgia<\/a> <\/p>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"757421\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! 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Please tell us what you liked about it.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-more-articles\">\n<p class=\"thank-you-text\">Here are more articles you may enjoy.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"subscribe-banner subscribe-banner-in-content-2\">\n<div class=\"content\">\n<h4>Interested in <em>Commercial Lines<\/em>?<\/h4>\n<p>Get automatic alerts for this topic.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article 0 Comments Property insurers in Georgia would be required to provide premium discounts for not only residential, but also for commercial structures that are built or retrofitted to resist wind damage, if a&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[555,1,556,45,557],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21316"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=21316"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21316\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=21316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=21316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=21316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}