Bill > SB2964

This bill requires homeowners insurance companies in Hawaii to provide policyholders with an annual disclosure of their property's replacement cost value, which is the amount needed to rebuild the home with similar materials, and to clearly state whether the current dwelling coverage limit is sufficient to cover this cost. If the coverage is insufficient, the insurer must offer the policyholder the option to purchase additional coverage to meet the full replacement cost, including the premium for this increased coverage, and this offer must remain open for thirty days and be renewed annually. The bill also mandates that these replacement cost estimates be specific to the property, based on current local labor and material costs, and include all components of rebuilding, such as demolition, permits, and architectural fees, and insurers must consider any estimates provided by the homeowner. Furthermore, insurance companies are required to maintain records of these disclosures and offers for at least five years after the policy expires, and failure to comply with these provisions will be considered an unfair or deceptive practice in the insurance business.

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https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=2964&year=2026