CA AB2703

Prohibits insurers from deducting the value of land at a new location when an insured purchases an already built home at a new location after a total loss.

Applies to fire insurance policies issued or delivered in California that otherwise cover replacement costs and building code upgrade costs.

Maintains the restriction that the measure of indemnity cannot exceed the replacement cost to repair, rebuild, or replace the insured structure at its original location.

Does not permit insurers to deny or limit payment based on the insured's decision to rebuild or purchase a home at a new location, provided costs are otherwise covered by the policy.