Hawaii SB2960 extends insurance recovery timelines for homeowners after disasters.

Hawaii SB2960 amends insurance policies to extend the time frame for homeowners to recover full replacement cost value after disasters. It mandates that insurers allow policyholders at least thirty-six months to submit documentation for dwelling replacement and one year for personal property replacement. Insurers may grant up to four six-month extensions for good cause, totaling a maximum of sixty months. This Act aims to address Hawaii's unique challenges in disaster recovery, including material shortages and complex permitting processes.

Hawaii SB2960 extends insurance recovery timelines for homeowners after disasters.

Hawaii SB2960 amends insurance policies to extend the time frame for homeowners to recover full replacement cost value after disasters. It mandates that insurers allow policyholders at least thirty-six months to submit documentation for dwelling replacement and one year for personal property replacement. Insurers may grant up to four six-month extensions for good cause, totaling a maximum of sixty months. This Act aims to address Hawaii's unique challenges in disaster recovery, including material shortages and complex permitting processes.