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IN HB1215
Bill
Status
1/10/2017
Primary Sponsor
Matthew Lehman
Click for details
AI Summary
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Adds new section IC 27-1-13-18 to Indiana Code requiring insurers to compensate policyholders at the full policy limit for total loss to primary or secondary dwellings.
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Applies to replacement cost basis insurance policies that cover first party loss to property located in Indiana.
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Requires compensation equal to the policy limit for total loss to dwellings that are owned and occupied by the named insured.
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Takes effect July 1, 2017.
Legislative Description
Property insurance coverage for a total loss. Requires an insurer that issues a policy of insurance that covers first party loss to a primary or secondary dwelling on a replacement cost basis to compensate the named insured for a total loss to the dwelling at the policy limit that applies to the dwelling.
Last Action
First reading: referred to Committee on Insurance
1/10/2017