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Arkansas, Florida, Georgia, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Ohio, South Carolina, South Dakota, Tennessee, Texas, West Virginia, and Wisconsin. California

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13y ago
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13y ago

1. Legislation in a number of states requiring insurers to pay the face amount of a fire insurance policy in case of total loss to a dwelling (or sometimes another specified type of building), rather than the actual cash value of the loss. Such laws in effect override the principle of Indemnity that normally governs property and liability insurance contracts. These laws were put into place to protect the consumer because many companies were insuring properties based on market values or mortgage values, when they were so inflated and were way over insuring homes. If you had a total loss at that time they would pay out the ACV, so to fix this they instituted these laws to protect consumers and to hold the insurance companies accountable for the amount of insurance that they place on a home. Each state will be different in what and how it is applied meaning it may not include earthquake or flood losses, or it may only apply to loss by fire or only on mobile homes ect…

States that are valued policy states include: Florida, Texas, Missouri, Louisiana, Wisconsin, Arkansas, Mississippi, Minnesota and there are more that I just have not encountered or could not find information on them.

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Q: What states have valued policy laws?
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Related questions

Is California a valued policy state?

what are Valued policy property policy

Is NC a valued policy state?

Yes, North Carolina is considered a valued policy state. In a valued policy state, the insurance company is not required to pay the full coverage amount if there is a partial loss, but rather the policyholder is only covered up to the amount stated in the policy. This type of policy is common in states like North Carolina to help prevent insurance fraud.

What is the Legislature of the states?

Participate in making policy by passing laws

Is Illinois a valued policy state?


Are all laws based on a policy?

In some countries, yes. All of the United States's laws are based on the constitution. In other countries, no.

Is Massachusetts a valued policy state?

yes but it mite not be

Does the valued policy law in Texas apply to motor homes?


Are there anti spam laws corporations must follow?

In the United States, most states have laws regarding spam and commercial email that businesses must follow. Canada also has an anti-spam law policy enacted in 2010.

Do you need an attorney to enforce the valued policy law in the state of Florida?

No, attorneys have no capacity to enforce a law. Your states department of insurance or it's equivelant enforces the insurance laws of your state, not an attorney. An attorney can however help you get compensation for actual damages or injury you incurred as a result of non compliance with a law by a person or business.

What are makes policy?

Government makes policy with laws.

Why a valued policy to be bought?

for our life if any accedents occur.or to our family after our death

What are the laws in Georgia about collecting on life insurance policy after an overdose?

The real answer lies in what the specific Life Insurance Policy states. Various states have some requirements about "suicide" deaths and how long or short of period of years a policy may be in force before suicide is a covered cause of death. If Georgia has no such law, the policy language will govern whether an OD death is covered. Read you policy.