The bill presents the Massachusetts Division of Insurance Annual Home Insurance Report for Calendar Year 2024, which reveals significant trends in the home insurance market, including a decrease in total home insurance policies and an increase in owner-occupied policies. The FAIR Plan, a residual market for homeowners insurance, saw a rise in enrollment, accounting for 8.7% of total premiums. The report highlights the impact of catastrophic weather events, estimating property losses of approximately $157.1 million in 2024. It also emphasizes the Division's commitment to data accuracy and consistency, as well as the structure of the home insurance market, including the prevalence of mandatory wind deductibles in coastal areas.

Additionally, the bill addresses the challenges posed by wind deductibles and flood insurance coverage, particularly in coastal and urban areas. It encourages insurers to offer options for reducing these deductibles through property mitigation measures. The report indicates a slight increase in flood insurance policies, although overall coverage remains low. The Division of Insurance is assessing how insurers are managing climate-related risks and the effectiveness of mitigation measures on insurance rates. The report also provides insights into claims history, cancellation, and nonrenewal data, revealing that nonrenewed policies had a higher claim rate, while renewed policies had a lower average claim size. The new legal language included in the bill reflects the Division's request for detailed claims history data for renewed and nonrenewed policies from 2022 to 2024.