AK SB157

Adds vacancy as a new grounds for insurance cancellation under AS 21.36.210(f), allowing insurers to cancel personal insurance policies (except auto insurance) if property becomes vacant and the vacancy increases the hazard insured against.

Defines "vacancy" as entire abandonment of the property by the insured where the property does not contain anything of substantial utility.

The new vacancy cancellation provision applies only to property that becomes vacant on or after the effective date of the Act.