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
To provide for the Homeowner's Insurance Cost Transparency Act; to require insurance carriers of homeowner's insurance to provide in the annual renewal package issued to each insured a clear written disclosure of the actual cost of each type of insurance coverage contained in the policy, expressed as the actual cost in each $1,000 of item of coverage, and as the actual total cost of each item of coverage in the policy.
|February 7, 2012
|Read for the first time and referred to the Senate committee on Banking and Insurance
|SB228 Alabama 2012 Session - Introduced