Bill > HB256

Introduced Session

Creates a new section of Subtitle 2 of KRS Chapter 304 to establish the Strengthen Kentucky Homes Program, to establish purpose, to create the Strengthen Kentucky Homes Program fund, and to require that the commissioner of insurance promulgate administrative regulations to implement and administer program; creates new sections of Subtitle 13 of KRS Chapter 304 to require that property insurance companies provide a premium discount or rate reduction for properties that that have been certified as complying with any applicable FORTIFIED Home or FORTIFIED multifamily construction standards under certain circumstances, to permit the insurance commissioner to promulgate administrative regulations to establish standard discount amounts, targets, or benchmarks for coverage, to require property insurance companies to offer an optional rider, endorsement, or supplemental policy provision to upgrade non-FORTIFIED single-family dwellings under certain circumstances, to provide that Sections 2 and 3 of the Act apply to insurance policies and contracts issued or renewed on or after March 1, 2026, to provide when submissions are required for premium discounts or rate reductions and the optional rider, endorsement, or supplemental policy provision under Sections 2 and 3 of the Act, and to provide that the Act may be cited as the Strengthen Kentucky Homes Act; APPROPRIATION.

AI Summary

Committee Categories

Sarge Pollock (R)*, 

signed by Governor (Acts Ch. 102) (on 04/05/2024)

Official Document