Hawaii SB2964 mandates annual replacement cost disclosures and offers for homeowners insurance.

Hawaii SB2964 aims to enhance transparency and resilience in homeowners insurance by requiring insurers to provide annual replacement cost estimates and offer full coverage if needed. Insurers must disclose whether the current policy limit covers the replacement cost and offer additional coverage if it does not. The bill also mandates recordkeeping and transparency in complaint handling and claim settlement practices. These measures aim to prevent underinsurance, facilitate faster community recovery after disasters, and protect policyholders from unexpected financial burdens.

Hawaii SB2964 mandates annual replacement cost disclosures and offers for homeowners insurance.

Hawaii SB2964 aims to enhance transparency and resilience in homeowners insurance by requiring insurers to provide annual replacement cost estimates and offer full coverage if needed. Insurers must disclose whether the current policy limit covers the replacement cost and offer additional coverage if it does not. The bill also mandates recordkeeping and transparency in complaint handling and claim settlement practices. These measures aim to prevent underinsurance, facilitate faster community recovery after disasters, and protect policyholders from unexpected financial burdens.