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WV HB4472

Bill

Official Source

Status

Introduced

1/16/2026

Primary Sponsor

Joseph Statler

Click for details

Origin

House of Delegates

2026 Regular Session

AI Summary

  • Amends West Virginia Code §33-17-9 to explicitly allow commercial real property insurance policies to be underwritten for amounts less than full replacement cost value
  • Permits insurers and commercial property owners to agree on coverage based on replacement cost value, actual cost value, market value, or any other mutually agreed-upon amount
  • Defines "replacement cost value" as the cost to repair or replace damaged property without deducting depreciation
  • Defines "actual cost value" as the depreciated cost to repair or replace damaged property
  • Introduced January 16, 2026, and referred to the House Committee on Finance

Legislative Description

Clarifying that commercial real property insurance policies may be underwritten for less than replacement cost value of the insured property

Insurance

Last Action

To House Banking and Insurance

1/29/2026

Committee Referrals

Banking & Insurance1/29/2026
Finance1/16/2026

Full Bill Text

No bill text available