An Act relative to homeowners’ insurance

This bill requires insurance companies to submit their hurricane risk models and related data to the Attorney General for review before they can be used in rate-setting proceedings. It also mandates that insurers reduce coverage amounts for homeowners who request it if the original offer exceeds the property's value by more than 10 percent. Additionally, the legislation changes the board composition of the state's insurance association to include more public appointees and requires the association to offer a ten-payment installment plan for premiums. Finally, the bill adds a new section to the general laws requiring insurers to disclose the specific formulas and methods they use to calculate homeowners' insurance costs.