Bans insurers from using credit history in evaluating homeowners insurance premiums.
Prohibits insurers from using an individual's credit history when determining homeowners insurance premiums. Insurers currently use credit-based insurance scores, which are based on an individual's credit history, in the process of determining premiums. This can lead to homeowners with lower scores being charged higher premiums for coverage. This bill intends to make obtaining homeowners insurance equitable for residents by removing the use of credit history in homeowners insurance premiums determinations.
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