Bill > H808

This bill aims to enhance consumer protection in homeowners insurance by requiring insurers and the joint underwriting association (a group formed to provide insurance when it's otherwise unavailable) to provide policyholders with a standardized outline of coverage, written in clear language approved by the commissioner, upon issuance or renewal of a policy. It also mandates that insurers seeking to have their rates approved must submit detailed information about their hurricane loss projection models and methodologies to the attorney general's office in advance of rate proceedings, with certain trade secrets being kept confidential. Furthermore, the bill allows homeowners to request a reduction in their offered coverage if it exceeds 10% of the property's assessed or market value, and it modifies the composition of the board of directors for the joint underwriting association to include more public representation, with specific residency requirements for some appointees. Finally, it removes a provision that required the commissioner to consider the effects of predicted hurricane losses and reinsurance costs when approving rates for the association and mandates that the association offer a ten-payment installment option for premiums.