On Apr. 5, 2024, VA LEG governor approved bill as Ch. 547, in effect Jul. 1, 2025.
On Mar. 6, VA LEG reported personal property coverage bill passed.
VA LEG passed HB 1257 re coverage for diminished value of personal property.
Amended, reenacted VA INS 38.2-21-2120 optional coverage for homeowner's policy.
Bill Provisions
Requirement for insurer who issues or delivers new or renewal homeowner's insurance policy/stand-alone policy that covers scheduled personal property in Commonwealth.
Must offer provision in writing, providing coverage for diminution in value of property.
Also must provide coverage if schedule provides for repairs of such scheduled property.
Diminution in value of personal property is difference between market value of property after it's been repaired from damage and value before damage occurred.
This difference must be directly caused by the damage covered in the policy.
Legislative History
On Jan. 10, 2024, bill was introduced in House; on Feb. 13, 2024, bill passed House
On Feb. 14, 2024, bill was introduced in Senate; on Mar. 6, 2024, bill passed Senate.
Effectiveness
The provisions of the bill shall apply to every such policy that is issued, delivered, or renewed by an insurer licensed in the State of Virginia on or after Jul. 1, 2025.
Apr. 2024 VA LEG Governor Approval
On Apr. 5, 2024, VA LEG governor approved bill as Ch. 547, in effect Jul. 1, 2025.
Regulators
VA LEG
Entity Types
Ins
Reference
Bill, Ch. 547, 4/5/2024; Bill, HB1257, 3/6/2024; Citation: VA INS 38.2-21-2120;
