HB1502

Hawaii HB1502 amends insurance policies to extend claim close-out periods, provide relocation options, and offer additional living expense coverage.

Hawaii HB1502 introduces several changes to property and casualty insurance policies. It mandates that insurers allow at least 36 months to close a claim, with two six-month extensions. Policyholders unable to rebuild within the specified time will receive the full replacement value of their insured property, including building code upgrades and extended replacement costs. The bill also prohibits insurers from limiting a policyholder's ability to move to a new location or build a new home, ensuring full coverage for total loss.