Increase Insurance Rate Transparency.

This bill requires insurance companies to provide clearer notices to homeowners and renters when their premiums exceed standard state-approved rates. It mandates that insurers explain the specific reasons for higher charges and suggest steps policyholders can take to lower their costs, while also banning the use of credit scores to set rates for these types of home and auto insurance. Additionally, the legislation directs the Department of Insurance to publish detailed annual reports on pricing data, claim outcomes, and demographic information to increase market transparency. The bill also allocates funds to the department to run a public awareness campaign about how insurance rates are determined.