General Assembly Proposed Bill No. 5034
January Session, 2011 LCO No. 445
Referred to Committee on Insurance and Real Estate
Introduced by:
REP. MEGNA, 97th Dist.
General Assembly
Proposed Bill No. 5034
January Session, 2011
LCO No. 445
Referred to Committee on Insurance and Real Estate
Introduced by:
REP. MEGNA, 97th Dist.
AN ACT CONCERNING REAL PROPERTY REPLACEMENT COST COVERAGE UNDER PERSONAL OR COMMERCIAL RISK POLICIES.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That title 38a of the general statutes be amended to (1) require insurers, insurance agents and insurance producers to consider, when establishing the amount of real property replacement cost coverage under a personal or commercial risk insurance policy, any reasonable replacement cost values for such real property that is submitted to such insurer, agent or producer by an insured, and (2) specify the actual cash value of real property covered under the replacement cost coverage of a homeowners insurance policy shall be the cost of reconstruction minus reasonable depreciation.
Statement of Purpose:
To require insurers, insurance agents and insurance producers to use values not less than depreciated reconstruction costs or fair market values for real property replacement cost coverage under personal or commercial risk policies.