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Mississippi Insurance Commissioner Mike Chaney approved an average 11 percent rate reduction filed by the Mississippi Windstorm Underwriting Association.

The reductions vary according to geographic zones and go into effect after June 1. They will apply to new policies and renewals, but not to policies following a mid-term cancellation.

Chaney said any reconstruction of 50 percent or more or any new construction must be built in adherence to the International Residential Building Codes or the International Commercial Building Codes in order to qualify for wind pool coverage.

The pool provides wind and hail policies for high risk properties in the six coastal counties that private insurers will not insure. The pool is funded through premiums. Losses in the pool are paid by a combination of assets on hand, reinsurance and, if necessary, assessments against policies written by private insurers.

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