Connecticut House Bill HB05048

Connecticut 2019 Regular Session

• Introduced: 1/9/19
• Refer: 1/9/19

Caption

An Act Requiring Homeowners Insurance Coverage For The Peril Of Collapse And Certain Structural Mitigation.

Impact

The implementation of HB 5048 is expected to create a significant change in homeowners' insurance policies by mandating specific coverage that is not universally required. If enacted, this legislation will likely affect how insurance companies formulate their policies and set premiums, as they will now have to account for the added risks of structural collapses. Furthermore, this could lead to increased costs for insurance providers, which may consequently be passed on to homeowners in the form of higher premiums for policies that include these new requirements.

Summary

House Bill 5048 aims to amend Title 38a of the general statutes to ensure that homeowners' insurance policies include specific coverage for the peril of collapse as well as for certain mitigation measures aimed at preventing collapse. The intent behind this legislation is to enhance the protection provided to homeowners in instances where their property is at risk of structural failure. This bill addresses the substantial concern regarding the risks associated with home collapses, particularly in areas prone to such incidents due to environmental factors or aging infrastructure.

Contention

Notable points of contention surrounding HB 5048 may arise from insurance companies, which could argue that the mandated coverage is unnecessary or overly burdensome. Opponents may express concern about the potential for increased insurance costs or a reduction in the availability of affordable homeowners insurance. Additionally, the bill could provoke discussions regarding the scope of what constitutes a 'collapse' and the specifics of what mitigation efforts homeowners will be required to undertake for their insurance to remain valid. These discussions will be pivotal in shaping the bill as it moves through the legislative process.