SB48

Senate Bill 48 amends Arkansas law to increase transparency regarding deductibles in owner-occupied residential property insurance policies. The bill mandates that insurers must clearly and conspicuously disclose all deductible amounts on the policy declaration page or the notice of policy renewal. Specifically, for policies that base deductibles on a percentage of the property's insured value, the insurer must disclose the actual monetary amount of the deductible. Additionally, if a policy includes different deductible levels based on specific perils, these must be displayed alongside the general deductible for all other perils. The legislation aims to ensure policyholders can easily identify and understand their financial obligations in the event of a claim.