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BILOXI, Miss. (WLOX) — Mississippi Insurance Commissioner Mike Chaney discussed homeowners’ insurance rates, roof-strengthening grants, health insurance options, and his plans for the 2027 election.

Insurance rates

Chaney said homeowners on the Gulf Coast will likely see stable insurance rates in 2027 with minimal increases.

The windpool, the insurer of last resort for wind and hail, will offer a policy allowing homeowners to choose their coverage amount, providing more flexibility for consumers.

“The reason they’re doing that is that rates have gone up around the United States. It’s not just Mississippi, and they’re exorbitant and out of sight,” Chaney said. “So we’re looking at ways to help the consumer out.

Homeowners can contact their insurance agent to discuss coverage options.

Roof mitigation program

The roof mitigation program has generated significant interest.

The program will provide homeowners up to $10,000 to reinforce their roofs, with homeowners responsible for contributing financially if the total cost exceeds $10,000.

“Mitigation is real simple. If you qualify and you have a home that’s in fairly decent repair and you’ve got a bad roof on it, we can go in and put a roof that meets IBHS standards,” Chaney said.

The insurance commissioner said roofing contractors will not be paid unless the house meets code and passes inspection standards.

The program will mitigate between 200 and 300 houses between July 1 and January 1, then expand to full capacity.

“Then we’ll go full steam. We’ll put $15 million a year into the program. So somewhere between 1,000 to 1,500 houses a year,” Chaney said.

Chaney said it will take a couple of years for Mississippi to reach the necessary mitigation standards.

Homeowners will be able to register online, and participants will be selected through a lottery system.

Health insurance program

About 400,000 people in Missisisppi do not have health insurance, according to Chaney.

He is promoting a private exchange program that will provide short-term health insurance coverage beginning January 1.

Policies will be valid for six months and cost less than $500 per month, according to Chaney.

The insurance commissioner said individuals with conditions requiring expensive treatments may not qualify and can seek coverage through the Affordable Care Act.

“That just simply says, if you’ve got cancer and you need a million-dollar drug, we’re probably not going to write you. And there’s a reason for that. You can go to the ACA and get that coverage,” Chaney said.

He added that insurance companies will fund the program through premiums, with no tax dollars involved.

2027 election

Chaney will likely be on the ballot for the state election next year.

“My name will probably be on the ballot. My deputy commissioner has agreed to run if something happens,” Chaney said.

The insurance commissioner’s office regulates the state’s insurance industry, protects consumers, and investigates fraud.

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