SB 2960: PROPERTY INSURANCE; DISASTER RECOVERY; REPLACEMENT COST VALUE; ACTUAL COST VALUE; PAYMENT TIME FRAMES
- Session Year: 2025-2026
- House: Senate
- Latest Version Date: 2026-03-04
Current Status:
In Progress
(2026-03-12: Referred to CPC, referral sheet 17)
Introduced
In Committee
First Chamber
In Committee
Second Chamber
Final Decking
Enacted
Establishes a minimum time frame of 36 months following loss due to declared disaster or emergency for the policyholder to submit documentation to recover full replacement cost value of covered dwelling or structure. Allows extensions for good cause. Establishes a minimum time frame of 12 months from completion of covered dwelling or structure for the policyholder to submit documentation to recover full replacement cost value of covered personal property. Requires homeowners insurers to give timely notice to policyholders to explain the time frames and extensions. Effective 7/1/2050. (SD1)
Discussed in Hearing
3MINSenate Standing Committee on Commerce and Consumer Protection
32SECSenate Standing Committee on Commerce and Consumer Protection
40SEC