Pennsylvania HB1718 mandates insurers to inform homeowners about flood insurance options and costs.
Pennsylvania HB1718 requires insurers to notify individuals purchasing or renewing a homeowner's insurance policy about the availability and cost of flood insurance. Insurers must provide written notice via mail or electronic communication. The Insurance Department is tasked with creating a model disclosure form that includes information on flood risks, benefits of flood insurance, and cost estimates. The Insurance Commissioner can impose penalties of up to $10,000 for violations. The act aims to ensure homeowners are informed about flood insurance options.
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