HB720 Alabama 2012 Session

Summary

Primary Sponsor

Yvonne Kennedy

Democrat

Co-Sponsors

James E. BuskeyRandy DavisVictor GastonChad FincherJamie IsonJim BartonNapoleon BracyDavid Sessions

Session

Regular Session 2012

Title

Homeowners insurance, carriers required to disclose actual costs of each item of coverage in annual renewal policy package, both as cost per $1,000 coverage and actual cost of each item of coverage, Homeowner's Insurance Cost Transparency Act

Description

Currently homeowner's insurance carriers are required to mail a complete policy to their insureds on the annual renewal date of the policy.

This bill would provide for the "Homeowner's Insurance Cost Transparency Act." The bill would require each insurance carrier of a homeowner's policy to include with each annual renewal package a clear written disclosure of the costs of each type of individual coverage provided in the policy.

The costs would be expressed in both the cost for each $1,000 of coverage, and the actual total cost of each coverage provided in the policy.

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Subjects

Insurance