Bill Text: MS SB2715 | 2011 | Regular Session | Introduced
Bill Title: Homeowner's Insurance Cost Disclosure Act; create.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2011-02-01 - Died In Committee [SB2715 Detail]
Download: Mississippi-2011-SB2715-Introduced.html
MISSISSIPPI LEGISLATURE
2011 Regular Session
To: Insurance
By: Senator(s) Watson
Senate Bill 2715
AN ACT TO CREATE THE HOMEOWNER'S INSURANCE COST DISCLOSURE ACT; TO REQUIRE EACH INSURANCE CARRIER OF A HOMEOWNERS POLICY TO INCLUDE WITH EACH ANNUAL RENEWAL PACKAGE A CLEAR WRITTEN DISCLOSURE OF THE COSTS OF EACH TYPE OF INDIVIDUAL COVERAGE CONTAINED IN THE POLICY; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. This act shall be known as and may be cited as the "Homeowner's Insurance Cost Disclosure Act."
SECTION 2. (1) In addition to any other materials, forms, and disclosures required of carriers of homeowners insurance in the annual policy renewal package that is mailed to insureds, the carrier shall provide a clear written disclosure of the actual costs of each item of coverage contained in the renewal policy. The disclosure shall express the costs as the actual rate or cost per One Thousand Dollars ($1,000.00) of coverage of each item of coverage, and as the actual total cost of each item of coverage.
(2) As an example of the requirements of subsection (1), a homeowners policy having wind coverage, fire coverage, theft coverage, and liability coverage with a total premium of One Thousand Dollars ($1,000.00) for a total policy coverage amount of One Hundred Thousand Dollars ($100,000.00) for a property would be disclosed substantially as follows:
Type of coverage Rate/$1,000 coverage Total dollar cost
Wind coverage $2.50/$1,000 $250 in this policy
Fire coverage $4.00/$1,000 $400 in this policy
Theft coverage $1.00/$1,000 $100 in this policy
Liability coverage $2.50/$1,000 $250 in this policy
$1,000 Total premium cost
(3) For purposes of this section, homeowners policy refers to all residential dwellings for which a resident is offered insurance against risks or loss, including a traditional single or multifamily residential dwelling, a mobile home, or a manufactured home.
(4) The Commissioner of Insurance is authorized to adopt a standard form for the disclosure of costs required by this act.
SECTION 3. This act shall take effect and be in force from and after July 1, 2011.
