No. CS/HB 767
Filed under Insurance.
Residential Property Insurance; Requires OIR to establish & maintain comprehensive resource center on its website; provides requirements for resource center; specifies that certain information is not trade secret & is not subject to certain public records exemptions; requires residential property insurers to provide notice of comprehensive resource center on office's website with any offer of coverage & policy renewal; prohibits insurer from including value of certain land when establishing homeowner's policy coverage amount or adjusting certain claims; provides construction; provides that notice of premium discounts for hurricane loss mitigation must include information about whether insurer offers enhanced discounts for roof systems that use secondary water resistance.
Plain English Summary
AI-GENERATEDThe Office of Insurance Regulation must build a detailed consumer website covering market trends, insurer contact information, claims guidance, consumer rights, and mitigation discounts, all in plain language.
Insurers must tell every customer about this resource center, with a link and QR code, whenever they offer or renew a policy, and rate filings must now disclose how much premium goes to affiliated companies.
Homeowner coverage amounts and claim payouts can no longer factor in the value of the land under a home, including waterfront, shoreline, and eroded land.
Hurricane mitigation discount forms must now also disclose whether an insurer offers extra savings for roofs built with secondary water resistance, and list the discount amount by type.
AIThe Office of Insurance Regulation must build and maintain a detailed public website covering market trends, insurer contact and complaint information, coverage education, mitigation credits, claims-process guidance, and disaster preparedness, all in plain language for consumers.
AIRate filings must now disclose whether the insurer uses affiliated companies for administrative, claims-handling, or other functions, and if so, the total percentage of premium paid to those affiliates in the preceding year.
AIWhen setting the coverage amount or adjusting a claim for a dwelling or other structure on a homeowner's policy, an insurer can no longer factor in the value of the land the structure sits on.
AIThe statewide average requested and approved rate change for a filing, and county rating examples used on the office's website, are declared not to be trade secrets and lose the public-records exemption that would otherwise shield them.
AIAlong with every offer of residential property coverage and every renewal, the insurer must give the customer notice of the office's resource center, including the website address and a quick response code.
AIThe prescribed hurricane mitigation discount form must tell applicants and policyholders whether the insurer offers an enhanced discount for roofs using secondary water resistance, and list the discount amount for each type.