MO HB338

Repeals and replaces section 379.140, RSMo, regarding insurance payments for covered losses or damage.

Expands insurance coverage language from fire-specific losses to "any peril covered under the terms of the policy" for all insurance suits.

Requires insurers to acknowledge that insured property was worth the full amount insured at the time the policy was issued and prevents denial of this fact.

For total loss claims, establishes the measure of damage as the full insured amount minus only depreciation that occurred between policy issuance and loss, with the burden of proof on the insurer.

For partial loss claims, establishes the measure of damage as the proportionate value of the damaged or destroyed portion relative to the entire insured property.