Bill > H5333

This bill amends Rhode Island insurance regulations to provide additional protections for homeowners, particularly seniors with low to moderate incomes. Specifically, starting September 1, 2025, homeowner's insurance providers will be required to give policyholders two months' advance notice before increasing policy renewal premiums by more than 20%. The bill also introduces a rate increase cap of 5% for policyholders who are 65 years or older and have household incomes at or below the low- and moderate-income limits established by RI Housing. If an insurance company fails to provide the required notice or exceeds the rate increase cap, they will be in violation of deceptive trade practice regulations and could be subject to a fine of up to $1,000. The bill aims to protect vulnerable homeowners from sudden, significant increases in their insurance costs by mandating advance notice and limiting rate hikes for seniors with limited financial resources. The new regulations will take effect immediately upon passage of the bill.

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