Homeowners Insurance Disclosure Act of 1994

Homeowners Insurance Disclosure Act of 1994 - Directs the Secretary of Housing and Urban Development to establish annual disclosure requirements for non-commercial insurers (providers of homeowners, dwelling fire, allied lines, and other personal lines of insurance), including: (1) the availability, affordability and type of insurance coverage by Metropolitan Statistical Area (MSA), and the region, race, and gender of policyholders; (2) the racial characteristics and location by MSA of the principal place of business of current and terminated insurance agents; and (3) for designated insurers, the total number of policies, exposures, nonrenewals, and racial characteristics of licensed agents, and the aggregate loss experience. Provides for disclosure requirements for certain non-designated insurers.

Directs the Secretary to study and report to the Congress on the availability, affordability, and quality of types of commercial insurance for residential properties and small businesses in urban areas.

Instructs the Secretary to establish requirements for insurers to report annually on the availability, affordability, and quality or type of insurance in designated rural areas.

Authorizes the Secretary to waive certain disclosure requirements if the States collect equivalent information.

Directs the Federal Financial Institutions Examination Council to determine the extent to which private mortgage insurers disclose to the public and regulatory agencies information that is equivalent to that required under the Home Mortgage Disclosure Act of 1975. Requires noncompliant insurers to submit the requisite information to the Secretary. Prescribes guidelines for information compilation and maintenance and for a public availability and access system.

Prescribes guidelines for disclosures by insurers to applicants and policyholders, stating the reasons that an insurance application was declined. Authorizes the Secretary to provide immunity to insurers, agents, and brokers regarding their communication of a cancellation, denial, or nonrenewal of insurance.

Sets forth enforcement guidelines, including civil penalties and injunctions.

Directs the Secretary to establish a task force on insurance agency appointments to report to certain congressional committees on the appointment and retention of inner-city and minority agents representing property and casualty insurers.

Instructs the Secretary to study and report to certain congressional committees on insurance industry practices regarding: (1) prescreening of insurance applicants; (2) meeting of the property and casualty insurance needs of the residential and small business community in low- and moderate-income and minority neighborhoods; (3) disparate claims treatment of policyholders based on race, gender, and income level; (4) basing of premium amounts on the territory in which the insured risk is located; and (5) the feasibility of establishing community reinvestment requirements for insurers comparable to those applicable to depository institutions.