Bill: SB 1512, 85(R) - 2017
Committee
Senate Business & Commerce
2nd Chamber Committee
House Insurance
Companion Bill
HB 3510
Vote Recommendation
| Vote Recommendation |
Economic Freedom |
Property Rights |
Personal Responsibility |
Limited Government |
Individual Liberty |
| Neutral |
Neutral |
Neutral |
Neutral |
Neutral |
Neutral |
Author(s)
Larry Taylor
Sponsor(s)
Wayne Faircloth
Bill Caption
Relating to replacement cost coverage in policies issued by the Texas Windstorm Insurance Association.
Fiscal Notes
No significant fiscal implication to the state is anticipated.
Bill Analysis
Under current law, if at the time of loss, the total amount of insurance applicable to a dwelling is equal to 80 percent or more of the full replacement cost of the dwelling or equal to the maximum amount of insurance otherwise available through the association, coverage applicable to the dwelling under the policy is extended to include the full cost of repair or replacement, without a deduction for depreciation.
SB 1512 would change from the time of loss to the effective date of an association policy.
Vote Recommendation Notes
This is a procedural bill regarding replacement cost coverage that does not appear to have a connection to our liberty principles, therefore we remain neutral.
Organizations Supporting
AFACT
City of Corpus Christi
Coastal Windstorm Insurance Coalition
Independent Insurance Agents of Texas
Organizations Opposed
American Insurance Association
Texas Coalition for Affordable Insurance Solutions
