Georgia Bill Would Require Wind-Mit Premium Discounts for Commercial Properties

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 a Senate committee becomes law.

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.

“Not 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,” the bill reads.

Subsection (e) would require insurance carriers to submit discount-rate plans to the state insurance commissioner. “An 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…”

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. HB 279, which had multiple sponsors in the House, would expand those discounts for more homes and for commercial properties.

The bill did not address funding for retrofits. A number of Southern states offer matching grants for homeowners who undertake hardening efforts and inspections.

Topics Commercial Lines Georgia