Rhode Island S2770 characterizes failure to use matching principle in homeowner's insurance replacement cost coverage as an unfair claim settlement.

Rhode Island S2770 amends the Unfair Claims Settlement Practices Act to include the failure of a homeowner's insurance policy to use the matching principle in interpreting replacement cost coverage as an unfair claim settlement practice. This means that if a homeowner's insurance policy does not match the quality, color, or size of replaced items, it will be considered an unfair practice. The insured will not bear any cost over the applicable deductible if any.

Rhode Island S2770 characterizes failure to use matching principle in homeowner's insurance replacement cost coverage as an unfair claim settlement.

Rhode Island S2770 amends the Unfair Claims Settlement Practices Act to include the failure of a homeowner's insurance policy to use the matching principle in interpreting replacement cost coverage as an unfair claim settlement practice. This means that if a homeowner's insurance policy does not match the quality, color, or size of replaced items, it will be considered an unfair practice. The insured will not bear any cost over the applicable deductible if any.