SB264 - Alabama Homeowners Bill of Rights Act

• Requires insurance carriers to provide homeowner policyholders with an outline of policy coverage and comprehensive policy checklist at time of sale and annually thereafter.

• Establishes 19 minimum policyholder rights including competitive pricing, readable policies, timely claim payment, cancellation rights, access to claim documents, and ability to reject settlement offers.

• Mandates comprehensive policy checklists include specific coverage details (property, personal contents, perils covered, and additional coverages) and must be approved by Alabama Department of Insurance.

• Violations of the act constitute breaches of the Unfair Trade Practices Act and may result in suspension or revocation of insurer's Certificate of Authority or administrative fines.

• Act does not create a civil cause of action for policyholders and does not expand coverage beyond what the policy provides; becomes effective immediately upon passage.