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HI SB2962
Bill
Status
Introduced
1/23/2026
Primary Sponsor
Angus McKelvey
Click for details
AI Summary
- Homeowners who suffer a total loss during a declared state of emergency may rebuild at a different location or purchase an existing home elsewhere without losing replacement cost, extended replacement cost, or building code upgrade coverage
- Total insurance payments cannot exceed what would have been payable for rebuilding at the original location, and land value at the new location is excluded from calculations
- Policyholders may combine dwelling coverage and other structures coverage limits to fund rebuilding or replacement when dwelling coverage alone is insufficient
- Insurers must provide written notice to affected policyholders informing them of their rights to rebuild at a different location and combine coverage limits
- Takes effect January 1, 2027, and applies to all homeowners insurance policies issued or renewed on or after that date
Legislative Description
Relating To Insurance.
Notice
Last Action
Re-Referred to CPN.
2/17/2026
Committee Referrals
Commerce and Consumer Protection2/17/2026
Public Safety, Intergovernmental and Military Affairs1/30/2026
Full Bill Text
No bill text available