HB 2441 Summary

• Establishes requirements for valid property insurance claim assignments under $1,500, including mandatory disclosure of key terms in 12-point type, three-day notification to insurer, and three-business-day rescission rights for insureds.

• Creates separate requirements for assignments of $1,500 or more claims, with enhanced protections including 14-day rescission rights, additional notice requirements in 14-point capital letters, and limits on emergency repairs to $5,000 or 1% of coverage limit.

• Prohibits assignees from charging interest during disputes over materials, workmanship, or compensation amounts, and bans offering compensation (including deductible waivers) to incentivize assignment agreements.

• Requires assignees to provide 15 days' notice before suing insurers, including detailed estimates, labor hours, and proof of industry-standard work, unless the policy specifies a different timeframe.

• Voids non-compliant assignment agreements and waives assignees' claims against insureds for amounts exceeding deductibles or out-of-scope work, prohibiting liens, collection actions, and credit reporting for such amounts.