The bill amends existing laws regarding the disclosure of deductibles in owner-occupied residential property insurance policies in Arkansas. It requires that insurers disclose the monetary amount of deductibles on the policy declaration page or notice of renewal for any loss, except for losses due to earthquakes. The language in the law is updated to specify that the disclosure must be clear and conspicuous, allowing insured individuals to easily identify applicable deductibles.

Additionally, the bill introduces a new section that mandates insurance policies to display all deductibles included in the policy, particularly if there are separate deductible levels by peril. This ensures that policyholders are fully informed about their deductibles at the time of issuance or renewal, enhancing transparency in insurance agreements.

Statutes affected:
Old version SB48 V2 - 1-28-2025 10:26 AM: 23-79-168
Act 246: 23-79-168