Massachusetts S702 amends fire insurance policy rules to prevent cancellations without good cause.

Massachusetts S702 modifies the rules for homeowners' fire insurance policies, prohibiting insurance companies from canceling or non-renewing policies without good cause. The bill mandates that insurers provide written notice at least 60 days before policy expiration, detailing the reasons for non-renewal or cancellation and suggesting measures to mitigate these reasons. The Division of Insurance is tasked with creating regulations to enforce these provisions.

Massachusetts S702 amends fire insurance policy rules to prevent cancellations without good cause.

Massachusetts S702 modifies the rules for homeowners' fire insurance policies, prohibiting insurance companies from canceling or non-renewing policies without good cause. The bill mandates that insurers provide written notice at least 60 days before policy expiration, detailing the reasons for non-renewal or cancellation and suggesting measures to mitigate these reasons. The Division of Insurance is tasked with creating regulations to enforce these provisions.