§ 304-13-346

304.13 -346 Definitions for section -- Optional rider to be offered to upgrade non - FORTIFIED single -family dwellings. (1) As used in this section: (a) 'Cost to upgrade the single -family dwelling' means the cost required to upgrade the single -family dw elling to meet or exceed the construction standards required for the dwelling to comply with the most recent version of any applicable FORTIFIED Home construction standards published by the Insurance Institute for Business and Home Safety or a successor en tity; and (b) 'Non -FORTIFIED dwelling' means a dwelling that does not comply with the most recent version of any applicable FORTIFIED Home construction standards published by the Insurance Institute for Business and Home Safety or a successor entity. (2) All insurance companies writing property insurance for personal risks that provides coverage of any single -family dwelling located in Kentucky that is a non - FORTIFIED dwelling shall offer an optional rider, endorsement, or supplemental policy provision that provides the insured a right to receive claim payments for the cost to upgrade the single -family dwelling for any claim that: (a) Is covered under the insurance policy

lemental policy provision that provides the insured a right to receive claim payments for the cost to upgrade the single -family dwelling for any claim that: (a) Is covered under the insurance policy or contract; and (b) Requires replacement of the covered dwelling's roof as defined by the insurance policy or contract. Effective: July 15, 2024 History: Created 2024 Ky. Acts ch. 102, sec. 3, effective July 15, 2024. Legislative Research Commission Note (7/15/2024). 2024 Ky. Acts ch. 102, sec. 5, provides that this statute shall apply to insurance policies and contracts issued or renewed on or after March 1, 2026. Legislative Research Commission Note (7/15/2024). 2024 Ky. Acts ch. 102, sec. 6, reads as fo llows: 'Property insurers subject to Section 2 [KRS 304.13 -342] or 3 [this statute] of this Act, or both, shall make any filings and comply with any other regulatory requirements required under KRS 304.14 -120, 304.13 -051, and any other law, that are nece ssary to ensure that: (1) Any premium discount or rate reduction required under subsection (1)(a)1. of Section 2 of this Act [KRS 304.13 -342]; and (2) The optional rider, endorsement, or supplemental policy provision required

ny premium discount or rate reduction required under subsection (1)(a)1. of Section 2 of this Act [KRS 304.13 -342]; and (2) The optional rider, endorsement, or supplemental policy provision required under subsection (2) of Se ction 3 of this Act [this statute]; is offered on insurance policies and contracts issued or renewed on or after March 1, 2026.' Legislative Research Commission Note (7/15/2024). 2024 Ky. Acts ch. 102, sec. 7, provides that the Act, which created this sta tute, may be cited as the Strengthen Kentucky Homes Act.