AR SB133

Adds Arkansas Code 23-88-106 defining "expense depreciation" as depreciation including the cost of goods, materials, labor, and services necessary to replace, repair, or rebuild damaged property.

Allows insurance policies to include expense depreciation but requires policies to provide notice in a form approved by the Insurance Commissioner that expense depreciation may be deducted.

Requires insurers to provide a written explanation of how expense depreciation was calculated when applied to a loss for damaged property.

Applies to insurance coverage for damaged dwellings, structures, personal property, and other insurable property or services covered under insurance policies.