VA HB1257 | 2024 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 2-0)
Status: Passed on April 5 2024 - 100% progression
Action: 2024-04-05 - Governor: Acts of Assembly Chapter text (CHAP0547)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Republican 2-0)
Status: Passed on April 5 2024 - 100% progression
Action: 2024-04-05 - Governor: Acts of Assembly Chapter text (CHAP0547)
Text: Latest bill text (Chaptered) [HTML]
Summary
Insurance; coverage for the diminished value of personal property. Requires any insurer who issues or delivers a new or renewal homeowner's insurance policy or a stand-alone policy that covers scheduled personal property in the Commonwealth to offer in writing a provision providing coverage for the diminution in the value of any such scheduled personal property, if the schedule provides for the repair of such property. Under the bill, the diminution in value of the personal property is the amount, if any, by which the market value of the personal property immediately following the completion of repair of the damage to the personal property is less than the market value of the personal property immediately prior to the damage and the change in market value is a direct result of damage from the covered loss. The provisions of the bill shall apply to every such policy that is issued, delivered, or renewed by an insurer licensed in the Commonwealth on or after July 1, 2025. Insurance; coverage for the diminished value of personal property. Requires any insurer who issues or delivers a new or renewal homeowner's insurance policy or a stand-alone policy that covers scheduled personal property in the Commonwealth to offer in writing a provision providing coverage for the diminution in the value of any such scheduled personal property, if the schedule provides for the repair of such property. Under the bill, the diminution in value of the personal property is the amount, if any, by which the market value of the personal property immediately following the completion of repair of the damage to the personal property is less than the market value of the personal property immediately prior to the damage and the change in market value is a direct result of damage from the covered loss. The provisions of the bill shall apply to every such policy that is issued, delivered, or renewed by an insurer licensed in the Commonwealth on or after July 1, 2025.
Title
Insurance; optional coverage for the diminished value of personal property.
Sponsors
| Del. Paul Milde [R] | Del. Chad Green [R] |
Roll Calls
2024-03-06 - Senate - Senate: Passed Senate (39-Y 0-N 1-A) (Y: 39 N: 0 NV: 1 Abs: 0) [PASS]
2024-03-05 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2024-03-04 - Senate - Senate: Reported from Commerce and Labor (11-Y 0-N 2-A) (Y: 11 N: 0 NV: 2 Abs: 0) [PASS]
2024-02-13 - House - House: VOTE: Block Vote Passage (99-Y 0-N) (Y: 99 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-08 - House - House: Reported from Labor and Commerce with substitute (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-06 - House - House: Subcommittee recommends reporting with substitute (4-Y 2-N) (Y: 4 N: 2 NV: 0 Abs: 1) [PASS]
2024-03-05 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2024-03-04 - Senate - Senate: Reported from Commerce and Labor (11-Y 0-N 2-A) (Y: 11 N: 0 NV: 2 Abs: 0) [PASS]
2024-02-13 - House - House: VOTE: Block Vote Passage (99-Y 0-N) (Y: 99 N: 0 NV: 0 Abs: 1) [PASS]
2024-02-08 - House - House: Reported from Labor and Commerce with substitute (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2024-02-06 - House - House: Subcommittee recommends reporting with substitute (4-Y 2-N) (Y: 4 N: 2 NV: 0 Abs: 1) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2024-04-05 | Governor: Acts of Assembly Chapter text (CHAP0547) | |
| 2024-04-05 | Governor: Approved by Governor-Chapter 547 (effective 7/1/25) | |
| 2024-03-27 | Governor: Governor's Action Deadline 11:59 p.m., April 8, 2024 | |
| 2024-03-27 | House | Enrolled Bill communicated to Governor on March 27, 2024 |
| 2024-03-26 | House | Signed by Speaker |
| 2024-03-25 | Senate | Signed by President |
| 2024-03-25 | House | Bill text as passed House and Senate (HB1257ER) |
| 2024-03-25 | House | Enrolled |
| 2024-03-06 | Senate | Passed Senate (39-Y 0-N 1-A) |
| 2024-03-06 | Senate | Read third time |
| 2024-03-05 | Senate | Constitutional reading dispensed (40-Y 0-N) |
| 2024-03-04 | Senate | Reported from Commerce and Labor (11-Y 0-N 2-A) |
| 2024-02-14 | Senate | Referred to Committee on Commerce and Labor |
| 2024-02-14 | Senate | Constitutional reading dispensed |
| 2024-02-13 | House | VOTE: Block Vote Passage (99-Y 0-N) |
| 2024-02-13 | House | Read third time and passed House BLOCK VOTE (99-Y 0-N) |
| 2024-02-12 | House | Engrossed by House - committee substitute HB1257H1 |
| 2024-02-12 | House | Committee substitute agreed to 24106334D-H1 |
| 2024-02-12 | House | Read second time |
| 2024-02-11 | House | Read first time |
| 2024-02-08 | House | Committee substitute printed 24106334D-H1 |
| 2024-02-08 | House | Reported from Labor and Commerce with substitute (22-Y 0-N) |
| 2024-02-06 | House | Subcommittee recommends reporting with substitute (4-Y 2-N) |
| 2024-01-23 | House | Assigned L & C sub: Subcommittee #1 |
| 2024-01-10 | House | Referred to Committee on Labor and Commerce |
| 2024-01-10 | House | Prefiled and ordered printed; offered 01/10/24 24102416D |
