The mortgage industry has received a much-needed boost in the form of the new set of rules proposed for homeowners insurance providers. These rules are finalized and will ensure that more companies remain in the state, providing improved coverage options and renewal terms for homeowners.

The proposed rules are designed to make insurance more accessible and competitive by providing clarity in terms of points of contact, policies and rates. Coverage limits, discounts and renewablilty terms have also been outlined to protect both insurance companies and homeowners from uncertainty.

• Clarified points of contact – Increased clarity and understanding in dealings between insurance companies and homeowners.
• Outlined policies and rates – An understanding of terms and conditions in relation to insurance policies and pricing.
• Coverage limits – Ensuring both companies and homeowners are adequately protected.
• Discounts – Favoring homeowners with their premiums, and providing incentive to customers.
• Renewability terms – Clear terms for home insurance renewal.

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