Maryland SB52 establishes rules for calculating property insurance claim settlements and requires insurers to notify policyholders of differences.

Maryland SB52 modifies property insurance policies to set the measure of actual cash value recovery in claim settlements as the lesser of the cost to repair, rebuild, or replace damaged or destroyed property or the policy limit. It prohibits insurers from treating labor costs as depreciated and mandates insurers to provide written notice of differences between expiring and renewal policies before renewal. The bill applies to policies issued or renewed on or after October 1, 2026.

Maryland SB52 establishes rules for calculating property insurance claim settlements and requires insurers to notify policyholders of differences.

Maryland SB52 modifies property insurance policies to set the measure of actual cash value recovery in claim settlements as the lesser of the cost to repair, rebuild, or replace damaged or destroyed property or the policy limit. It prohibits insurers from treating labor costs as depreciated and mandates insurers to provide written notice of differences between expiring and renewal policies before renewal. The bill applies to policies issued or renewed on or after October 1, 2026.