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Committee hears bill to require 60-day notice for big homeowners insurance increases
Summary
House Bill 7,066 would require insurers to give 60 days’ notice before raising renewal premiums by more than 20% and extend nonrenewal notice to 60 days; supporters said the extra time would help homeowners find replacement coverage and prepare repairs, while DBR recommended implementation timing changes.
Chairman Azanaro introduced House Bill 7,066 on behalf of consumers seeking greater advance notice of significant homeowners-insurance premium increases.
The bill would require insurers to provide two months’ (60-day) notice before increasing any renewal premium by more than 20% and would extend the current 30-day nonrenewal notice to 60 days. The sponsor and supporters told the committee the longer notice period would give homeowners time to seek alternative…
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