Residential property insurance: nonrenewals.
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Majority
Fiscal committee
No
Appropriation
No
Current location
In Floor Process
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill changes the rules for how property insurance companies must notify policyholders about renewals or nonrenewals. Starting January 1, 2028, insurers must provide either an offer to renew or a notice of nonrenewal at least 90 days before a policy expires, and this notice must include detailed information about the reasons for the decision. The bill also requires insurers to provide policyholders with a clear explanation of why a policy isn’t being renewed or why limits are being reduced, and offers a period for policyholders to address any issues that could lead to renewal. Finally, the bill requires insurers to report data on nonrenewals and policy reductions to the Department of Insurance.
Key provisions
- Insurers must provide an offer of renewal or a notice of nonrenewal at least 90 days before a policy expires.
- Notices must include detailed explanations of the reasons for nonrenewal or reduced coverage.
- Insurers must allow policyholders 90 days to remedy conditions that could lead to renewal.
- Insurers must provide a plain language explanation of the policyholder’s right to dispute the decision.
- Insurers cannot refuse to issue or renew a policy solely based on previous claims.
- Insurers cannot refuse to issue or renew a policy based on a policyholder’s previous inquiry.
- Insurers cannot refuse to issue or renew a policy based on the age of the roof unless the policyholder obtains an independent inspection confirming at least five years of remaining roof life.
- Insurers must submit annual reports to the Department of Insurance detailing nonrenewal and reduction of limits data.
Bill text
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