Introduced by Representatives Sharpe of Bristol, Atkins of Winooski, Bohi of Hartford, Deen of Westminster, Fisher of Lincoln and Marek of Newfane
Subject: Banking and insurance; unfair trade practices; homeowners’ insurance
Statement of purpose: This bill proposes to require disclosure to applicants for homeowners’ insurance of what flood zone the home they are insuring is in and the cost and availability of flood insurance.
AN ACT RELATING TO FLOOD INSURANCE
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 8 V.S.A. § 4724a is added to read:
§ 4724a. DISCLOSURE CONCERNING FLOOD INSURANCE
It shall be an unfair or deceptive act or practice in the business of insurance for the purposes of this chapter not to disclose to an applicant for homeowners insurance what flood zone the home the applicant intends to insure is located in and not to disclose the availability and cost of flood insurance.
The Vermont General Assembly
115 State Street