INSURANCE/PROPERTY: Provides relative to mandatory binding arbitration with respect to property insurance policies

This bill requires property insurance companies to include a specific, bolded warning on their policy forms that explains how mandatory arbitration affects a customer's legal rights. The warning must inform policyholders that choosing arbitration means giving up the right to file a lawsuit or have a jury trial, as disputes will be settled privately by a neutral third party instead. By mandating this disclosure, the legislation ensures consumers are clearly aware that arbitration decisions are final and that their ability to appeal those decisions in court may be limited. The change directly impacts all individuals holding property insurance policies in the state by altering the information they receive at the time of purchase.