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Committee votes to require agents to solicit homeowner improvement data every two years after underinsurance debate
Summary
After testimony on widespread underinsurance in recent wildfires, the committee amended SB 2964 to require insurance agents to solicit information about owner improvements at least once every two years and forward data to insurers to support replacement‑cost revaluation; an administrative fine for noncompliant agents was included in the amendment.
The committee debated SB 2964 SD1, a bill proposing that homeowners insurers disclose replacement‑cost estimates and offer policyholders options to increase coverage if underinsured. Insurance Division witnesses and insurers urged caution and recommended a task force to analyze unintended market consequences. United Policyholders and wildfire survivors urged immediate…
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