Texas HB854 mandates insurers to make an initial payment of at least 80% of the estimated cost to repair or replace lost or damaged property under.

Texas HB854 amends the Insurance Code to establish requirements for replacement cost coverage in homeowner's, renter's, or condominium owner's insurance policies. The bill applies to insurers authorized to engage in residential property insurance in Texas, including county mutual insurance companies, Lloyd's plans, and reciprocal or interinsurance exchanges. It mandates that policies with replacement cost coverage must ensure an initial payment of at least 80% of the estimated cost to repair or replace lost or damaged property, minus the applicable deductible.

Texas HB854 mandates insurers to make an initial payment of at least 80% of the estimated cost to repair or replace lost or damaged property under.

Texas HB854 amends the Insurance Code to establish requirements for replacement cost coverage in homeowner's, renter's, or condominium owner's insurance policies. The bill applies to insurers authorized to engage in residential property insurance in Texas, including county mutual insurance companies, Lloyd's plans, and reciprocal or interinsurance exchanges. It mandates that policies with replacement cost coverage must ensure an initial payment of at least 80% of the estimated cost to repair or replace lost or damaged property, minus the applicable deductible.