No. HB 775
Filed under Insurance.
Homeowner's Insurance Premium Reductions; Requires premium reductions to be applied to homeowners who maintain certain claim-free periods; provides requirements for such premium reductions; provides that homeowners who file major storm claims remain eligible for premium reductions; requires OIR to determine premium reduction schedules for such homeowners; prohibits homeowners' insurers from treating major storm claims as certain other claims; requires homeowners' premium reductions for mitigation upgrades.
Plain English Summary
AI-GENERATEDEvery homeowner's insurer must automatically cut premiums for a policyholder who goes 36 months without a claim, using a statewide schedule the office publishes each year. The homeowner never has to ask for it.
Filing a single major storm claim inside that 36-month window does not cost the discount: the law guarantees a full premium reduction in that case, though the office alone sets the schedule for anyone with more than one major storm claim in the period.
Insurers must also give a separate, stackable premium reduction to homeowners who complete an office-approved mitigation upgrade, such as roof reinforcement or impact-resistant windows.
Insurers may not treat a major storm claim the same as a preventable or maintenance-related claim, and each insurer must report its reduction data to the Legislature and the office every year.
AIEvery insurer issuing or renewing a homeowners policy on or after July 1, 2026, must automatically apply a premium reduction to a policyholder who maintains a 36-month claim-free period, without the homeowner requesting it.
AIA homeowner who files a single major storm claim during the 36-month period keeps eligibility for a premium reduction, and the law guarantees that homeowner a full reduction rather than a partial one.
AIAn insurer may not lump a major storm claim in with preventable or maintenance-related claims, keeping storm damage from being counted against a homeowner the same way routine, avoidable claims would be.
AIAn insurer must give a premium reduction, separate from and stackable with the claim-free reduction, to a homeowner who completes an office-approved mitigation upgrade such as roof reinforcement or impact-resistant windows.
AIBy January 1 each year, every homeowner's insurer must report its premium-reduction data, including dollar totals and claim counts by county and coverage type, to the office and legislative leadership, and the office must publish a statewide public summary.