Del. to Require New Disclosures by Home Insurers

January 20, 2005

Delaware Insurance Commissioner Matthew Denn planned to reveal a new regulation today that will require insurance companies
to provide prominent annual disclosures to each homeowner's policyholder of where there might be gaps in the homeowner's coverage, and whether the homeowner can purchase additional insurance to fill those gaps.

Denn's new regulation will also require homeowners insurance carriers to disclose to their customers what types of claims by the customer could result in the customer's policy being cancelled at the end of its term.

"Many Delawareans have been surprised in recent years to find that their homeowners insurance did not cover certain basic types of claims that they assumed were included, such as flood damage, reconstruction of their home if it was destroyed by fire, and full reimbursement of items stolen from the home," Denn said in his press advisory.

He planned a 1 p.m. press conference to unveil the new regulation.