The bill amends RCW 48.18.140 to require residential insurance policies to include specific information regarding sublimits of coverage on the policy's declarations page. It mandates that these policies must clearly state that they may limit the amount of coverage available for certain losses, urging insured individuals to review their policies carefully. The bill defines "residential insurance policies" to encompass homeowners, renters, condominium, mobile home, and manufactured home personal insurance policies, and it specifies that a "sublimit" refers to a limitation on coverage for certain losses that is lower than the overall policy limits. Additionally, the entire declarations page must be provided to the insured at every policy renewal.

The new provisions will apply to residential insurance policies issued or renewed on or after January 1, 2024, and will not apply to policies issued under chapter 48.15 RCW. The bill also clarifies that it does not pertain to surety insurance contracts. Overall, this legislation aims to enhance transparency in residential insurance policies by ensuring that consumers are informed about potential limitations in their coverage.

Statutes affected:
Original Bill: 48.18.140