TO AMEND THE LAW CONCERNING DISCLOSURE OF DEDUCTIBLES UNDER CERTAIN INSURANCE POLICIES.

SB 48 (now Act 246) requires insurance companies in Arkansas to clearly state the actual dollar amount of deductibles - rather than just a percentage - on policy declarations for owner-occupied residential property insurance. This applies to policies covering non-earthquake losses where deductibles are calculated as a percentage of the home's insured value. The law mandates this disclosure on the policy's declaration page or renewal notice, making it easier for homeowners to understand their out-of-pocket costs. It directly affects homeowners with standard residential insurance policies in Arkansas, excluding earthquake coverage.