The bill amends Section 27-8-11 of the General Laws concerning regulations on the cancellation and renewal of homeowners insurance. It requires homeowners insurance providers to provide two months' advance notice to policyholders if there is an increase of more than 20% in the cost of renewal. Additionally, if an insurer is failing to renew a homeowners policy, the notice of non-renewal must be delivered to the policyholder no less than two months in advance of the policy expiration. Any violation of these provisions constitutes a deceptive trade practice, punishable by a fine not to exceed $1,000. The act will take effect upon passage.

Statutes affected:
2011: 27-8-11