Bill Text: TX HB4557 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to a disclosure of coverage for water damage in connection with a residential property insurance policy.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-04-23 - Left pending in committee [HB4557 Detail]
Download: Texas-2019-HB4557-Introduced.html
| 86R11460 SMT-D | ||
| By: Davis of Dallas | H.B. No. 4557 | |
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| relating to a disclosure of coverage for water damage in connection | ||
| with a residential property insurance policy. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter C, Chapter 2002, Insurance Code, is | ||
| amended by adding Section 2002.103 to read as follows: | ||
| Sec. 2002.103. REQUIRED DISCLOSURE REGARDING COVERAGE | ||
| LIMITS FOR WATER DAMAGE. (a) In this section, "residential | ||
| property insurance" has the meaning assigned by Section 2301.002. | ||
| (b) Before accepting any premium or fee for a residential | ||
| property insurance policy, an agent or insurer, including a county | ||
| mutual insurance company, must make the following disclosure, | ||
| orally and in writing, to the applicant or insured: | ||
| WARNING: THIS POLICY CONTAINS IMPORTANT LIMITS ON COVERAGE FOR | ||
| WATER DAMAGE. WATER DAMAGE POLICY LIMITS CAN BE FOUND AT (PAGE OR | ||
| ENDORSEMENT). CAREFULLY REVIEW THESE LIMITS. | ||
| (c) Before accepting any premium or fee for a residential | ||
| property insurance policy, an agent or insurer, including a county | ||
| mutual insurance company, must receive a copy of the disclosure | ||
| described by Subsection (b) that is signed by the applicant or | ||
| insured. | ||
| (d) The agent or insurer shall require the applicant or | ||
| insured to confirm contemporaneously in writing the provision of | ||
| oral disclosure pursuant to Subsection (b). | ||
| SECTION 2. This Act applies only to an insurance policy that | ||
| is delivered, issued for delivery, or renewed on or after January 1, | ||
| 2020. A policy delivered, issued for delivery, or renewed before | ||
| January 1, 2020, is governed by the law as it existed immediately | ||
| before the effective date of this Act, and that law is continued in | ||
| effect for that purpose. | ||
| SECTION 3. This Act takes effect September 1, 2019. | ||
