HB330 Summary

• Prohibits application of hurricane deductibles or percentage deductibles for wind and hail damage unless the damage was caused by a named hurricane or tropical storm as declared by the National Hurricane Center.

• Requires personal lines insurance policies offering percentage deductibles for wind and hail to provide a voluntary buy-back provision that is actuarially sound and does not exceed one percent of dwelling policy limits.

• Allows the Insurance Commissioner discretion to grant waivers from the buy-back provision requirement if an insurance company demonstrates it is in the best interest of Alabama policyholders.

• Establishes penalties for violations including fines up to $10,000 per separate violation and potential revocation or suspension of the insurer's license.

• Becomes effective immediately upon passage and approval by the Governor.