HB 1474 Summary

• Establishes a three-year Insurance Affordability Assistance Pilot Program within the Department of Commerce and Consumer Affairs Insurance Division to provide direct financial assistance to eligible homeowners facing unexpected property insurance premium increases.

• Eligible homeowners must demonstrate at least a 25% increase in property insurance premiums and financial hardship, including household income at or below 80% of area median income, recent unemployment, high debt-to-income ratio, or fixed income status.

• Provides one-time assistance grants of up to $5,000 per household or a maximum of 50% of the insurance premium increase, whichever is less.

• Appropriates $1,000,000 for fiscal year 2025-2026 and $1,000,000 for fiscal year 2026-2027 from general revenues to the Compliance Resolution Fund, with funds to be expended for the pilot program.

• Requires interim report to legislature by 2027 and final report by 2028 detailing applicants, recipients, funds disbursed, and recommendations; program sunsets June 30, 2028.