The bill amends the "Unfair Claims Settlement Practices Act" to include a new provision that characterizes the failure of a homeowner's insurance policy to apply the matching principle in its replacement cost coverage as an unfair claims practice. This principle requires that when items are replaced, they should match in quality, color, or size to ensure a uniform appearance of the insured property. The bill specifies that the matching principle shall be utilized for both interior and exterior losses, and the insured shall not bear any costs beyond the applicable deductible for such replacements. The act is set to take effect upon passage.

Statutes affected:
2770: 27-9.1-4