US HB5500

Establishes a voluntary pilot program through December 31, 2028 for Write Your Own insurance companies to investigate preexisting structural conditions on properties that could result in claim denials, with an interim report due by December 31, 2027 and final report by March 31, 2029

Creates new fraud penalties prohibiting false statements in engineering reports, claims adjustment reports, or technical assistance reports, with violators referred to state licensing agencies by the Attorney General

Requires initial claims determinations within 120 days of receiving a signed proof of loss, with possible 30-day extensions for extraordinary circumstances, and establishes a formal appeals process for policyholders with decisions due within 120 days

Mandates disclosure of technical assistance reports to policyholders upon request, requires standard disclosure sheets explaining coverage limitations (including basement exclusions and earth movement), and establishes a Federal Flood Insurance Advisory Committee with 12+ members to review program operations

Directs GAO to study claims adjustment practices and earth movement coverage treatment within 18 months, requires biennial updates to interagency flood insurance compliance guidance, and ensures adequate staffing for the Office of Flood Insurance Advocate within 180 days