Bill > SB2366

This bill mandates that in the event of a total loss to a home, insurance companies must pay at least 20% of the policy limit for the contents, up to a maximum of $250,000, without requiring the homeowner to file an itemized list of lost items, provided the home was furnished at the time of the loss. A "total loss" is defined as occurring when the cost to repair or replace the damaged home reaches or exceeds the policy's coverage limit. After receiving this initial payment, homeowners can still file a claim for any additional losses to their contents that exceed the initial payment, up to the full policy limit. Insurers are required to inform homeowners of these payment options when a total loss claim is filed. The Commissioner of Insurance is authorized to create necessary regulations, and this law will apply to insurance policies issued or renewed starting January 1, 2027.

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https://billstatus.ls.state.ms.us/2026/pdf/history/SB/SB2366.xml