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AL SB398
Bill
AI Summary
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Creates the "Homeowner's Insurance Cost Transparency Act" requiring homeowner's insurance carriers to include cost disclosure with each annual renewal package.
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Requires insurers to disclose the actual cost of each coverage type expressed two ways: the rate per $1,000 of coverage and the total dollar cost of each coverage item.
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Applies to all residential dwellings including single-family homes, multi-family dwellings, mobile homes, and manufactured houses.
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Authorizes the Insurance Commissioner to adopt a standard disclosure form for the cost breakdown.
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Becomes effective on the first day of the third month following passage and approval by the Governor.
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
Re-referred to Committee on Banking and Insurance
4/21/2011