HB 12-1057 Summary

• Requires the insurance commissioner to adopt rules governing homeowner's insurance replacement cost estimates, including criteria for rebuilding to current code, prohibition on basing estimates on land resale value or loan amounts, and annual verification of cost data accuracy.

• Mandates all homeowner's insurance policies include additional living expense coverage for at least 24 months following a loss requiring temporary relocation.

• Requires insurers to provide policyholders with electronic or paper copies of their policies and declaration pages within 48 hours of a loss or request, and establishes that total loss settlements must offer at least 80 percent of contents coverage value without requiring detailed inventory.

• Establishes educational requirements for insurance producers selling homeowner's insurance, including a mandatory three-hour valuation training course for those without prior training, and creates disciplinary grounds for producers who misrepresent their representation or misstate policy adequacy.

• Modifies summary disclosure form requirements to include annual delivery to homeowner's insurance policyholders and mandates appraisal clauses in all homeowner's policies to resolve coverage and valuation disputes.