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AL SB228
Bill
AI Summary
SB228 Summary
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Establishes the "Homeowner's Insurance Cost Transparency Act" requiring homeowner's insurance carriers to include detailed cost disclosures in annual renewal packages.
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Requires insurers to disclose the actual cost of each coverage type in two formats: the rate per $1,000 of coverage and the total dollar cost for that coverage item.
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Applies to all residential dwelling insurance including single and multi-family homes, mobile homes, and manufactured houses.
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Authorizes the Insurance Commissioner to adopt a standard form for the required cost disclosures.
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Becomes effective on the first day of the third month following passage and gubernatorial approval.
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
Read for the first time and referred to the Senate committee on Banking and Insurance
2/7/2012