Texas HB4570 establishes an appraisal process for disputed losses under personal automobile or residential property insurance policies.

HB4570 amends the Texas Insurance Code to include a new chapter on the appraisal of disputed losses for personal automobile or residential property insurance policies. The appraisal process is intended to resolve disputes over the amount of loss between policyholders and insurers. The appraisal provision must be included in applicable insurance policies and the appraisal amount is binding unless fraud or material mistake is involved. The commissioner will adopt rules to implement this chapter, including setting the time period for completing an appraisal.

Texas HB4570 establishes an appraisal process for disputed losses under personal automobile or residential property insurance policies.

HB4570 amends the Texas Insurance Code to include a new chapter on the appraisal of disputed losses for personal automobile or residential property insurance policies. The appraisal process is intended to resolve disputes over the amount of loss between policyholders and insurers. The appraisal provision must be included in applicable insurance policies and the appraisal amount is binding unless fraud or material mistake is involved. The commissioner will adopt rules to implement this chapter, including setting the time period for completing an appraisal.