Frequently Asked Questions

In addition to new builder's risk one and two family residential dwellings being plan eligible, will MRPIUA insure a renovation project on an existing dwelling?

Yes, potentially subject to MRPIUA underwriting approval. There is a supplemental (Form V) application required if the dwelling submitted for coverage is under renovation (even potentially vacant while under renovation). Coverage binding decisions will be made case by case based on information supplied on the Form V supplemental application and any additional underwriting information that might be required to assist underwriting decision making. If approved for binding by MRPIUA, an endorsement will be added to the policy to offset the standard vacancy clause.

What counties are eligible for MRPIUA policy coverage?

MRPIUA offers coverage for eligible dwellings located in all MS counties. However, MRPIUA policies do not provide the covered perils wind and hail for any covered locations Jackson, Harrison, and Hancock counties (wind/hail in these counties can be submitted to MWUA for potential coverage).

Can consumers directly apply to MRPIUA for plan coverage without enlisting a properly licensed servicing agency?

No. To seek plan coverage for eligible dwellings the owner must work through a properly Mississippi Department of Insurance licensed agent.

Can a policy be bound/ issued when there is a Named Storm in the Gulf of Mexico?

No. There are no new coverage,or increased value requests approved for binding when a named storm is declared by the National Weather Service to be within 80 degrees west longitude and 20 degrees north latitude. This moratorium period continues until the National Weather service drops the named storm Hurricane or Tropical storm strength status for the named event.

When can coverage become effective?

When MRPIUA has received all the required material and MRPIUA underwriting approves the submission as acceptable for binding, coverage will be bound effective 12:01 am central standard time on the day after the application is received in the MRPIUA office with the required payment. If desired, the application can stipulate a later effective date. No coverage will be retroactively backdated for any reason. If the application is submitted online (through the policy management system) coupled with an ACH draft payment method, the effective date can be the day it was entered (if the signed application and all required documents/materials are received and approved by MRPIUA within 5 days of the online/ACH entry). If the required materials arrive to MRPIUA after five days from the online entry, the binding date will be the next day from the date the required materials were received.

Does the MRPIUA automatically renew policies?

No. A notice of expiration and renewal quotation is released to the agent, insured, and mortgage holder approximately 60 days ahead of the policy expiration date. An invoice for payment is released approximately 30 days ahead of the policy expiration. Renewal coverage is not bound until the payment is received by MRPIUA.

What happens if the renewal premium payment is not received by MRPIUA by the invoiced due date? Late payment?

If the renewal payment is received by MRPIUA within 30 days of the original due date, the renewal policy can be issued with a lapse in coverage from the date of original expiration to the date the payment was received. If the late payment is received more than 30 days beyond the renewal payment due date, the insured can only secure coverage through a re-application process with the help of the servicing agency.

Does MRPIUA write commercial properties?

MWUA only provides coverage for 1and 2 family dwellings.

Policy cancellations related to non-payment of premium, how are they handled?

If a policy change or underwriting inspection related endorsement creates an invoiced additional premium that is not paid by the invoiced due date cancellation is processed as follows: If there is no mortgagee the policy will cancel with 10 days advance notice (plus mailing time added). If there is a mortgagee listed on the policy, the policy will cancel with 30 days advance notice (plus mailing time added).

Does MRPIUA provide premium financing, payment installment plans, or accept credit card payments?

MRPIUA requires payment in full at the time of application. MRPIUA will accept a premium payment from a Premium Finance company and should always be notified if a Finance Company interest should be applied to the policy (a copy of the insured signed finance agreement is required). MRPIUA does not accept credit cards, but premium can be paid through the ACH policyholder portal or via an agency Trust account if one is set up for the servicing agency. ACH is a national interconnected bank checking or savings account drafting system

Is there a minimum earned premium?

Yes. There is a $150 fully earned premium and a fully earned $30 service fee if the policy was issued and the coverage has actually incepted.

Who should an Applicant/Insured contact with questions about an MRPIUA policy?

Applicant/Insured should contact their servicing producer who should be able to assist them with any questions they may have concerning their MRPIUA policy.

What eligibility standards are applied to new business applications, and in-force active policies subsequent to an underwriting site inspection?

The MRPIUA manual of rules and procedures lists 6 reasonably required standards contemplated for underwriting decision making on acceptance of new applications, or applied to site inspection report information. Dwellings that are not in reasonably sound condition are not eligible for plan participation. This includes consideration of potential lack of maintenance or repair, aged out dwelling components including the roof decking/roofing materials, lack of repair to damage from previous reported claims, and any issues impairing the wind/water/elements dwelling envelope protection. The dwelling must be in reasonably good condition for plan participation as determined by plan underwriters.

Does MRPIUA require photographs of each dwelling submitted for coverage?

Yes- Two current color photographs (front and back of the dwelling to be covered) must be submitted with every application.

Does MRPIUA provide coverage for dwellings built over water?

No. MRPIUA does not provide coverage for a dwelling that is built over water.

Does MRPIUA offer liability, theft or vandalism coverage?

MRPIUA does not provide any coverage for the three perils in question.

What are the restrictions on mobile homes?

Mobile homes newly sold and placed on site, or moved from a former site to a new site effective July 1, 2009 forward require a completed form J supplemental application. For those placed anchored/secured on site after the July 1, 2009 date a photocopy of the State Fire Marshal's inspection sticker is required to evidence the mobile home anchoring is approved. Those placed on site and anchored prior to the July 1, 2009 effective date simply require completion of part B of the form J supplemental application (as explained on the form).

Who should be contacted in the event of a loss?

The insured can call Boulder Claims at 1-866-634-4465 to submit a new claim. We recommend the insured also contact their servicing producer to make them aware of any claims.

Can an MRPIUA policy provide replacement cost loss settlement valuation?

No. MRPIUA policy loss settlement provisions only allow for Actual Cash Value loss settlement. Actual Cash Value is Replacement Cost less deductions for age depreciation, condition, and use. Neither real estate market value or replacement cost value apply to claims settled under the MRPIUA policy coverage form.

Does MRPIUA insure commercial properties?

No. MRPIUA only insures one or two family residential dwellings or builders risk related to construction of one or two family residential dwellings

Will MRPIUA insure a vacant dwelling?

No. By the manual of rules and procedures, it is clear that MRPIUA will not insure a vacant dwelling. Additionally, the policy coverage form contains a vacancy clause indicating vacancy/ un-occupancy of more than 90 consecutive days will void coverage on an otherwise active policy.