Insurance companies might have to start warning homeowners about cancellation
(The
Senate Bill 1301, authored by Sen.
The homeowner then has 90 days to remediate the problem before their insurance policy is cancelled, according to that analysis.
Allen did not respond to The
“Consumers often have little information about the reason for the nonrenewal, and have no path to correcting a problem before their policy gets cancelled,”
However, some homeowners get notification that their insurance policy is going to be cancelled because their home is in close proximity to – or inside – a fire risk area. That is a problem a homeowner can’t fix, Balber said.
“You can’t really change that,” Balber said. “This bill would not allow you to keep your coverage in that circumstance. It would require them to give you more notice in order to have more time to shop around.”
Opponents of the bill said that in its current form, SB 1301 would expose trade secrets in the insurance industry, oversimplify complex risk assessment methods often used in the residential property insurance market and discourage insurance companies from doing business in
“We were initially very strongly opposed to the bill, particularly the timeframe for homeowners who have an opportunity to mitigate,”
Discussions are continuing over more amendments about the kind of information sent to homeowners as part of their notification of nonrenewal, including community maps showing other homes in the area that face the same mitigation issues that could cause nonrenewal.
“The truth on this is that we don’t necessarily have those maps, and when we do they’re proprietary, so we’re kind of working on that,” Sektnan said.
Research published by


Universal Insurance (NYSE:UVE) Posts Earnings Results, Beats Expectations By $0.22 EPS
How interest rates work in 2026: A plain-English guide for everyday borrowers
Advisor News
- A rising retirement challenge: The license to spend
- Financial stress leaves less room for retirement saving
- Giving while you’re living: 3 frequently asked questions about gifting
- Helping clients prepare for one of their biggest retirement expenses
- Important year-end financial conversations every advisor must have
More Advisor NewsAnnuity News
- A rising retirement challenge: The license to spend
- What lower interest rates mean to annuity payouts
- AM Best downgrades A-Cap insurers amid financial and regulatory troubles
- Lawsuit claims Delaware Life hid billions in insurer-linked investments
- AM Best to Deliver Presentation at 2026 ACLI Annual Conference
More Annuity NewsHealth/Employee Benefits News
Life Insurance News