Bill > SB1543

This bill modifies provisions related to homeowner's insurance by establishing the "Missouri Stronger Homes Act" to provide grants for retrofitting residential properties to better withstand tornadoes, windstorms, and hail, funded in part by a transfer of $12 million from the insurance dedicated fund starting in July 2027, with additional annual transfers thereafter, and also creates the "Missouri Disaster Mediation Act" to offer a non-adversarial dispute resolution process for homeowners with property damage claims following a declared state of disaster, requiring insurers to notify policyholders of their right to mediate disputed claims and outlining procedures for mediation, while also introducing new regulations for public adjusters, including limitations on their commission to ten percent of the settlement and prohibiting them from signing payment drafts on behalf of insureds, and further clarifies that insurers gain legal title to the portion of a property damage claim they pay, but insureds cannot assign their duties or rights under a policy, and prohibits insurers from refusing to issue, cancel, or non-renew a homeowner's policy solely based on a roof's age if it has at least five years of useful life remaining, as determined by a qualified inspector.