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GA HB1310
Bill
Status
Introduced
2/10/2022
Primary Sponsor
Emory Dunahoo
Click for details
AI Summary
- All residential and commercial fire and extended coverage insurance policies must include a mandatory appraisal provision allowing either party to demand appraisal when they disagree on the amount or scope of loss, with each party selecting an appraiser within 20 days and an umpire appointed if appraisers cannot agree within 15 days
- Insurers are prohibited from requiring policyholders to use a preferred vendor or contractor for repairs, though insurers may recommend one as long as they inform the insured there is no obligation to use that vendor
- Insurers must include general contractors' overhead and profit in loss payments when such services are reasonably foreseeable, and may not deduct prospective contractor overhead, profit, or sales tax when determining actual cash value
- Depreciation applied to damaged property must be reasonable, based on objective criteria and the property's actual pre-loss condition, and insurers must provide a written explanation of how depreciation was calculated
- For replacement cost policies, if replaced items do not match in quality, color, or size, the insurer must replace all items in the affected area to achieve a reasonably uniform appearance, with the insured bearing no cost beyond the deductible
- Applies to all insurance policies issued, delivered, or renewed on or after July 1, 2022
Legislative Description
Insurance; residential and commercial fire and extended coverage policies; require appraisal provision
Last Action
House Second Readers
2/14/2022
Committee Referrals
Insurance2/11/2022
Full Bill Text
No bill text available