HB 1257

Abstract

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 valueof personal property. Requires insurance policies covering damageto personal property to provide coverage for the diminution in thevalue of such personal property. Under the bill, the diminution invalue of the personal property is the amount, if any, by which themarket value of the personal property immediately following the completionof repair of the damage to the personal property is less than themarket value of the personal property immediately prior to the damage.