Insurance Bill Passes House Committee
February 5, 2018
Last Wednesday, HB 279, sponsored by Rep. Randy Davis (R-Daphne), received a favorable report from the House Insurance Committee, with a unanimous vote of 8-0. Under existing law, property insurance companies must provide premium discounts to property owners that retrofit their homes or businesses against wind damage up to certain standards, such as those outlined by the Insurance Institute for Business & Home Safety (IBHS). The discounts, which are intended to provide an incentive to property owners to undergo such mitigation work, would apply only to the wind portion of a property owner’s insurance premium. This bill would allow IBHS certification to serve as sufficient documentation for the insurer that wind mitigation work has been completed on the property. No other documentation would be necessary. The Alabama Department of Insurance agrees that the IBHS certification should satisfy the insurer’s need of proof of certified inspected work.
The Alabama REALTORS® have worked with stakeholders on insurance reform for many years and support this legislation.
HB 279 now travels to the House floor for consideration.