AN ACT CONCERNING THE ASSIGNMENT OF POST-LOSS HOMEOWNERS AND COMMERCIAL PROPERTY INSURANCE BENEFITS, CONSUMER BILL OF RIGHTS AND REVISING DISCLOSURE REQUIREMENTS FOR HOME IMPROVEMENT CONTRACTORS AND SALESPERSONS.

HB 5263 establishes new rules for assigning insurance benefits after property damage. It requires written agreements between property owners (assignors) and contractors (assignees) for post-loss repairs, including a mandatory 14-day rescission period and an 18-point bold notice explaining the loss of insurance policy rights. The bill prohibits fees for cancellation, bank checks, or administrative charges in these agreements and mandates detailed cost estimates and written notice to insurers within three business days. These rules directly affect homeowners and commercial property owners who use contractors for repairs following insurance claims.