Section 27-2-28-6 - "Material change"(a) As used in this chapter, "material change" means:(1) an increase of more than ten percent (10%) over the expiring premium for; or(2) another adverse or unfavorable change in the terms of coverage or amount of; insurance in connection with a personal automobile or homeowner's policy.
(b) The term does not include the following: (1) An increase in the insurer's filed rate plan and automatic inflationary increases.(2) An additional premium due to a change initiated by the insured, such as:(A) adding or removing vehicles or drivers;(B) adding an endorsement;(C) adding additional coverages;(D) adding covered premises; or(E) increasing coverage limits or deductibles.(3) An additional premium due to a change in risk exposure as a result of the insured's participation in a usage based or telematics insurance program.(4) Changes resulting from a property inspection.Added by P.L. 226-2023,SEC. 20, eff. 7/1/2023.