Establishes an appraisal process for disputed losses under residential property insurance policies in Texas.
The bill creates a structured appraisal process for disputed losses under residential property insurance policies in Texas. If a policyholder and insurer cannot agree on the amount of loss, either party can demand an appraisal. Each party selects an appraiser, and if they agree on the loss amount, they issue an award. If they disagree, they select an umpire to determine the loss amount. The umpire's decision is binding. The appraisal process does not affect other policy terms or legal rights.
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