SB7 Summary

• Requires all residential property insurers to clearly notify applicants and policyholders at policy issuance and renewal of the availability and range of premium discounts, credits, rate differentials, reduced deductibles, and other cost savings for windstorm-resistant fixtures or construction techniques.

• Mandates that residential 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 advise them to contact their agent, broker, or insurer for details.

• Applies only 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.