This bill aims to address the widespread underinsurance issue in Hawaii, particularly in the aftermath of disasters. It requires homeowners insurers to provide annual replacement cost value disclosures and offer increased coverage if the property is underinsured. Insurers must maintain records of these disclosures and offers for five years. Failure to comply constitutes an unfair or deceptive act in the business of insurance. The bill's requirements seek to provide policyholders with accurate information about dwelling rebuilding costs, ensuring faster and more resilient community recovery after disasters and reducing the burden on nonprofit and governmental disaster relief efforts.