Loading chat...

IN HB1041

Bill

Official Source

Status

Introduced

1/3/2019

Primary Sponsor

Matthew Lehman

Click for details

Origin

House of Representatives

2019 Regular Session

AI Summary

  • Insurers must pay the full policy limit for total loss claims on primary or secondary dwellings covered under replacement cost policies
  • Applies to property insurance policies covering first party loss to Indiana properties on a replacement cost basis
  • Dwelling must be owned and occupied by the named insured as their principal or secondary residence
  • Adds new Section 18 to Indiana Code 27-1-13
  • Effective date: July 1, 2019

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

1/3/2019

Committee Referrals

Insurance1/3/2019

Full Bill Text

No bill text available