Homeowners Insurance; Underinsurance; Replacement Cost Value; Notice; Offer to Insure to Value; Administrative Penalty
Take action
Record your position on this measure.
Create an account to take a stance, submit a written position, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
Requires homeowners insurance producers to notify policyholders that they may submit information regarding improvements made to the insured residential property, which shall then be submitted to the homeowners insurer. Requires homeowners insurers to reevaluate the replacement cost estimate based on the information submitted by a policyholder, and offer the policyholder the option to purchase additional coverage to cover the full amount of the replacement cost estimate. Establishes administrative penalties for violations. Effective 1/1/2027. (CD1)
Bill text
Read the latest version inline or switch to a previous version.
Document of record
- Version
- SB2964 .PDF file
- Published
- Not published in the source record
This version is published only as a document. Open the viewer to read it here, or download the file.
Sponsors
Official sponsors from legislative records.
6 on record
Primary sponsor
Angus L.K. McKelvey
Cosponsors
Herbert M. "Tim" Richards III
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours