SB 2962: HOMEOWNERS INSURANCE; REBUILDING OR PURCHASE AT DIFFERENT LOCATION; COMBINATION OF COVERAGE LIMITS; NOTICE

Prohibits homeowners insurance policies from limiting or denying payment of replacement costs, extended replacement costs, or building code upgrade costs for a dwelling solely because the insured elects to rebuild the dwelling at a different location or purchase an already-constructed home at a different location.  Allows for the combination of dwelling and other structures coverage limits to fund the rebuilding or replacement of the primary residence under certain conditions.  Requires notice to policyholders.