California SB876 amends the Insurance Code to enhance residential property insurance policies, including offering extended replacement cost coverage.

California SB876 amends the Insurance Code to mandate that insurers offer extended replacement cost coverage of at least 50 percent above the policy limits for the primary dwelling. It requires insurers to provide policyholders with an estimate of the cost to rebuild or replace the insured structure every other year. The bill also stipulates that insurers must pay the replacement cost within 30 days of obtaining a valid contract to rebuild or at another location.

California SB876 amends the Insurance Code to enhance residential property insurance policies, including offering extended replacement cost coverage.

California SB876 amends the Insurance Code to mandate that insurers offer extended replacement cost coverage of at least 50 percent above the policy limits for the primary dwelling. It requires insurers to provide policyholders with an estimate of the cost to rebuild or replace the insured structure every other year. The bill also stipulates that insurers must pay the replacement cost within 30 days of obtaining a valid contract to rebuild or at another location.