AL HB722

Residential property insurers must clearly notify applicants and policyholders at policy issuance and renewal of available premium discounts, credits, rate differentials, deductible reductions, or other premium savings for properties with windstorm-resistant fixtures or construction techniques.

Insurers must describe generally what measures policyholders can take to reduce their windstorm premiums in the notice provided to residential customers.

Commercial property insurers must 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 direct them to contact their agent, broker, or insurer for details.

Requirements apply only to policies issued or renewed after the effective date of the act.

The act becomes effective on the first day of the third month following passage and gubernatorial approval.