New fire classifications affect insurance
Town property owners may enjoy reductions in their insurance premiums with a change in the City of Wesson’s fire protection classification.
The Mississippi State Rating Bureau (MSRB) reports Wesson, previously Eighth Class, is now Seventh Class effective August 22.
In a letter to Town officials, Tony Parker, MSRB Assistant Manager, said the public protection classification applies to “eligible properties having a needed fire protection flow of 3,500 gallons per minute or less located within the legal boundaries of the City, within five road miles of the responding fire department serving the City and within 1,000 feet of a standard public fire hydrant.” “A split classification” will apply to properties not within 1000 feet of a standard public hydrant, and the classification does not apply to those properties served by the fire department outside the City, he said.
Any insurance contracts covering dwellings in the City, including comprehensive dwelling and homeowners policies, “may be endorsed from August 22 on a pro rata basis to take advantage of current fire premiums indicated in the Mississippi Dwelling Manual,” Parker said. MSRB will need “to survey or resurvey or publish or republish loss costs for specifically rated mercantile and special class risks affected by the change in classification,” he added.