HB1257
Insurance; optional coverage for the diminished value of personal property.
Status:
Enacted
Latest Action:
April 22, 2024
House: Impact statement from SCC (HB1257ER)
Chief Patron:
Paul Milde (R)
Session:
2024 Regular Session
Summary
As Passed House of Origin. 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 ... (More) 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. (Less)-
Bill History
- 01/10/2024 - House: Prefiled and ordered printed; offered 01/10/24 24102416D
- 01/10/2024 - House: Referred to Committee on Labor and Commerce
- 01/23/2024 - House: Assigned L & C sub: Subcommittee #1
- 01/31/2024 - House: Impact statement from SCC (HB1257)
- 02/06/2024 - House: House subcommittee amendments and substitutes offered
- 02/06/2024 - House: Subcommittee recommends reporting with substitute (4-Y 2-N)
- 02/08/2024 - House: Reported from Labor and Commerce with substitute (22-Y 0-N)
- 02/08/2024 - House: Committee substitute printed 24106334D-H1
- 02/11/2024 - House: Read first time
- 02/12/2024 - House: Read second time
- 02/12/2024 - House: Committee substitute agreed to 24106334D-H1
- 02/12/2024 - House: Engrossed by House - committee substitute HB1257H1
- 02/13/2024 - House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
- 02/13/2024 - House: VOTE: Block Vote Passage (99-Y 0-N)
- 02/14/2024 - Senate: Constitutional reading dispensed
- 02/14/2024 - Senate: Referred to Committee on Commerce and Labor
- 02/16/2024 - House: Impact statement from SCC (HB1257H1)
- 03/04/2024 - Senate: Reported from Commerce and Labor (11-Y 0-N 2-A)
- 03/05/2024 - Senate: Constitutional reading dispensed (40-Y 0-N)
- 03/06/2024 - Senate: Read third time
- 03/06/2024 - Senate: Passed Senate (39-Y 0-N 1-A)
- 03/25/2024 - House: Enrolled
- 03/25/2024 - House: Bill text as passed House and Senate (HB1257ER)
- 03/25/2024 - Senate: Signed by President
- 03/26/2024 - House: Signed by Speaker
- 03/27/2024 - House: Enrolled Bill communicated to Governor on March 27, 2024
- 03/27/2024 - Governor: Governor's Action Deadline 11:59 p.m., April 8, 2024
- 04/05/2024 - Governor: Approved by Governor-Chapter 547 (effective 7/1/25)
- 04/05/2024 - Governor: Acts of Assembly Chapter text (CHAP0547)
- 04/22/2024 - House: Impact statement from SCC (HB1257ER)
