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.

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.