HB992

Mississippi HB992 would require property insurance policies to include an appraisal provision for determining property value and loss amount.

Mississippi HB992 mandates that all property insurance policies issued in the state include an appraisal provision. This provision allows either the insurer or policyholder to request an appraisal if there is a disagreement on the loss amount or property value. The appraisal process involves selecting appraisers and an umpire to determine the property's value and the loss amount, including causation. The appraisal panel has exclusive authority over these determinations, while coverage and liability issues remain with the courts. The act takes effect from July 1, 2026.