Bill Text: IL HB5357 | 2023-2024 | 103rd General Assembly | Engrossed
Bill Title: Reinserts the provisions of the introduced bill, but changes the provisions to apply when issuing or quoting (rather than issuing or marketing) a homeowner's insurance policy.
Spectrum: Moderate Partisan Bill (Democrat 14-2)
Status: (Engrossed) 2024-04-19 - Referred to Assignments [HB5357 Detail]
Download: Illinois-2023-HB5357-Engrossed.html
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| 1 | AN ACT concerning regulation.
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| 2 | Be it enacted by the People of the State of Illinois, | ||||||
| 3 | represented in the General Assembly:
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| 4 | Section 5. The Illinois Insurance Code is amended by | ||||||
| 5 | adding Section 143.10f as follows:
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| 6 | (215 ILCS 5/143.10f new) | ||||||
| 7 | Sec. 143.10f. Homeowner's insurance policy; sewer backup | ||||||
| 8 | and sump pump overflow. | ||||||
| 9 | (a) In this Section, "homeowner's insurance policy" means | ||||||
| 10 | personal multi-peril property insurance policies covering real | ||||||
| 11 | property used principally for residential purposes or any | ||||||
| 12 | household or personal property that is usual or incidental to | ||||||
| 13 | the occupancy of any premises used for residential purposes. | ||||||
| 14 | (b) When issuing or quoting a homeowner's insurance | ||||||
| 15 | policy, an insurer shall disclose whether the homeowner's | ||||||
| 16 | insurance policy covers damage from a sewer backup or overflow | ||||||
| 17 | from a sump pump. If the homeowner's insurance policy being | ||||||
| 18 | issued does not cover damage caused by a sewer backup or | ||||||
| 19 | overflow from a sump pump, the insurer shall offer the insured | ||||||
| 20 | the opportunity to purchase additional coverage for damage | ||||||
| 21 | caused by a sewer backup or overflow from a sump pump. The cost | ||||||
| 22 | of the additional coverage shall be clearly communicated to | ||||||
| 23 | the insured at the time the opportunity to purchase the | ||||||
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