Bill > HB992

This bill mandates that all property insurance policies issued in the state must include a specific appraisal provision, which either the insurance company (insurer) or the policyholder can activate if there's a disagreement on the value of the property or the extent of the loss, provided coverage for some part of the loss has been acknowledged or a covered event (peril) contributed to the loss. This appraisal panel, composed of two appraisers and an umpire, will have the sole power to decide the property's value and the amount of the loss, including determining what caused the damage (causation), how much repairs will cost, the best way to fix it, the extent of the damage, and what building codes apply. However, the bill clarifies that decisions about whether the insurance policy actually covers the situation (coverage) and who is responsible (liability) remain with the courts, though this doesn't stop the appraisal process from moving forward. The Commissioner of Insurance will create any necessary rules to put this law into effect, which will become active on July 1, 2026.

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https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB0992.xml