Bill Text: TX SB1036 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to replacement cost coverage in policies issued by the Texas Windstorm Insurance Association.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-04-02 - Left pending in committee [SB1036 Detail]
Download: Texas-2019-SB1036-Introduced.html
86R10211 JES-D | ||
By: Taylor | S.B. No. 1036 |
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relating to replacement cost coverage in policies issued by the | ||
Texas Windstorm Insurance Association. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Sections 2210.207(c) and (d), Insurance Code, | ||
are amended to read as follows: | ||
(c) If, on the effective date of an association policy [ |
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dwelling is equal to 80 percent or more of the full replacement cost | ||
of the dwelling or equal to the maximum amount of insurance | ||
otherwise available through the association, coverage applicable | ||
to the dwelling under the policy is extended to include the full | ||
cost of repair or replacement, without a deduction for | ||
depreciation. | ||
(d) If, on the effective date of an association policy [ |
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dwelling is equal to less than 80 percent of the full replacement | ||
cost of the dwelling and less than the maximum amount of insurance | ||
available through the association, liability for loss under the | ||
policy may not exceed the replacement cost of the part of the | ||
dwelling that is damaged or destroyed, less depreciation. | ||
SECTION 2. Section 2210.207, Insurance Code, as amended by | ||
this Act, applies only to an insurance policy 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. |