SB 2964: HOMEOWNERS INSURANCE; UNDERINSURANCE; REPLACEMENT COST VALUE; NOTICE; OFFER TO INSURE TO VALUE; ADMINISTRATIVE PENALTY

Requires homeowners insurance producers to notify policyholders that they may submit information regarding improvements made to the insured residential property, which shall then be submitted to the homeowners insurer.  Requires homeowners insurers to reevaluate the replacement cost estimate based on the information submitted by a policyholder, and offer the policyholder the option to purchase additional coverage to cover the full amount of the replacement cost estimate.  Establishes administrative penalties for violations.  Effective 1/1/2027.  (CD1)