SB394 Summary

• Requires all insurers to clearly notify residential property insurance applicants and policyholders at policy issuance and renewal of available premium discounts, credits, rate differentials, deductible reductions, and other cost savings for fixtures or construction techniques demonstrated to reduce windstorm damage.

• Mandates that residential property insurance notices describe generally what measures policyholders may take to reduce their windstorm premiums.

• Requires commercial property insurers to notify applicants and policyholders at policy issuance and renewal that premium reductions may be available if steps have been taken to prevent or reduce windstorm damage, and to direct them to contact their agent, broker, or insurer for more information.

• Applies to policies issued or renewed after the effective date of the act.

• Becomes effective on the first day of the third month following passage and approval by the Governor.