CA AB2402

Amends Section 10102 of the Insurance Code to update the California Residential Property Insurance Disclosure to conform with existing statutory requirements for actual cash value coverage on open policies.

Specifies that actual cash value recovery for total or partial losses is measured as the repair, rebuild, or replacement cost less depreciation based on the item's condition at time of loss, or the policy limit, whichever is less.

Clarifies that depreciation deductions under actual cash value coverage apply only to components normally subject to repair and replacement during a structure's useful life.

Repeals Section 10105, which contained transitional language regarding the application of disclosure requirements to policies issued before July 1, 1993.

Makes nonsubstantive technical changes to align disclosure language with existing statutory coverage provisions.