SB2366

Mississippi SB2366 mandates insurance companies to pay at least 20% of policy limits for total loss of a dwelling.

Mississippi SB2366 requires insurance companies to pay no less than 20% of the policy limit for the dwelling in cases of total loss. A total loss is defined as when the cost to repair or replace the dwelling equals or exceeds the policy's coverage limit. The insured can recover additional amounts up to the policy limit for contents coverage by filing a claim. The Commissioner of Insurance may create rules and regulations to implement this act, which takes effect from July 1, 2026.