Bill > S0015

This bill amends Rhode Island's insurance regulations to provide additional protections for homeowners, specifically requiring insurance providers to give two months' advance notice before increasing policy renewal premiums by more than 20% and implementing a rate increase cap for older, lower-income residents. Starting September 1, 2025, insurers must provide two months' notice to policyholders before raising premiums above 20% or before non-renewing a homeowner's policy. Additionally, the bill establishes that homeowners who are 65 years or older and have a household income at or below Rhode Island's low- and moderate-income limits will have their annual policy renewal premium increases capped at 5%. Any violation of these provisions will be considered a deceptive trade practice under state law, with potential fines up to $1,000. The bill aims to protect vulnerable homeowners from sudden, significant insurance cost increases and ensure they receive adequate advance notice of policy changes.

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