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Committee advances bill allowing homeowners to buy "stated value" policies amid coastal insurance squeeze
Summary
The House Insurance Committee reported House Bill 356 favorably after lengthy debate on creating "stated value" homeowners policies as a lower‑cost option for owners who cannot afford replacement‑cost premiums.
The House Insurance Committee narrowly reported House Bill 356 favorably after a long, often emotional committee hearing focused on insurance access in coastal and high‑cost areas. The measure would allow homeowners to purchase a stated‑value homeowners policy — a contract that sets an agreed dollar limit on coverage rather than a full replacement‑cost value.
Representative Brose (bill sponsor) told the committee he wants to give homeowners an option where full replacement‑cost premiums are unaffordable. “People need another option,” he said, describing cases where homeowners own their…
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