Loading chat...
AL HB270
Bill
Status
3/22/2011
Primary Sponsor
James Buskey
Click for details
AI Summary
HB270 Summary
-
Establishes the "Homeowner's Insurance Cost Transparency Act" requiring homeowner's insurance carriers to include a clear written disclosure of coverage costs in annual renewal packages.
-
Requires disclosure of actual costs for each coverage type in two formats: cost per $1,000 of coverage and total actual cost of each coverage item.
-
Applies to all residential dwellings including single/multi-family homes, mobile homes, and manufactured houses.
-
Authorizes the Insurance Commissioner to adopt a standard disclosure form for cost presentations.
-
Becomes effective on the first day of the third month following passage and gubernatorial approval.
Legislative Description
Homeowners insurance, carriers required to disclose actual costs of each item of coverage in annual renewal policy package, both as cost per $1,000 coverage and actual cost of each item of coverage, Homeowner's Insurance Cost Transparency Act
Insurance
Last Action
Read for the first time and referred to the House of Representatives committee on Insurance
3/22/2011