Uniform Policy Language for Hurricane Deductibles

Uniform Policy Language for Hurricane Deductibles Any homeowners’ insurance policy or endorsement that includes a hurricane deductible must include the following language in the policy: A. Definition of Hurricane – the policy must define a hurricane as set forth in the definition found at Rule 41.03(D) of this Regulation. B. Period when the Hurricane Deductible Applies – the policy must state that the hurricane deductible is only applicable to wind, wind gusts, hail, rain, tornado, or cyclone losses occurring during the duration of a hurricane and define the duration as follows: 1. Beginning at the time a hurricane watch or warning is issued for any part of Mississippi by the National Hurricane Center of the National Weather Service; 2. Continuing for the time period during which the hurricane conditions exist anywhere in Mississippi; and, 3. Ending twenty-four (24) hours following the termination of the last hurricane watch or hurricane warning issued for any part of Mississippi by the National Hurricane Center of the National Weather Service. C. The policy or endorsement must clearly state what Coverages under the policy are subject to the Hurricane Deductible. D. Rule 41.14 of this Regulation, entitled “Attachment B - Hurricane Deductible Uniform Policy Language” provides the minimum language that must be included in the policy or endorsement. Any additions to this uniform language must be filed with and approved by the Department prior to use. E. The institution and/or modification of a hurricane deductible is considered a material change and is subject to the provisions of Miss. Code Ann. § 83-2-3. F. Insurers must file their Hurricane Deductible Uniform Policy Language with the Department prior to use. Policies issued or renewals processed on or after October 1, 2014, must include approved Hurricane Deductible Uniform Policy Language.