CS/CS/HB 743 - Property Insurance Summary

• Claims for residential property insurance cannot be denied based on credit information if the policy has been in effect for more than 90 days

• Policies cannot be cancelled or nonrenewed based on credit information available in public records after 90 days of coverage

• Establishes a Homeowner Claims Bill of Rights for personal lines residential property insurance policyholders, requiring insurers to provide it within 14 days of claim notification; bill of rights does not create a private cause of action

• Creates grounds for challenging umpire impartiality in property loss appraisals, including familial relationships, prior professional representation, and employment relationships within 5 years

• Establishes requirements for emergency mitigation service agreements, requiring contractors to possess appropriate water damage restoration certification or Division I license under chapter 489

• Effective dates: July 1, 2014, except Homeowner Claims Bill of Rights provision effective October 1, 2014