Bill Text: TX HB283 | 2019-2020 | 86th Legislature | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to a disclosure regarding flood coverage under a commercial or residential property insurance policy.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Introduced - Dead) 2019-04-24 - Committee report sent to Calendars [HB283 Detail]
Download: Texas-2019-HB283-Introduced.html
Bill Title: Relating to a disclosure regarding flood coverage under a commercial or residential property insurance policy.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Introduced - Dead) 2019-04-24 - Committee report sent to Calendars [HB283 Detail]
Download: Texas-2019-HB283-Introduced.html
86R1379 BEE-D | ||
By: Perez | H.B. No. 283 |
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relating to a disclosure regarding flood coverage under a | ||
commercial or residential property insurance policy. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter C, Chapter 2002, Insurance Code, is | ||
amended by adding Section 2002.103 to read as follows: | ||
Sec. 2002.103. DISCLOSURE REGARDING FLOOD COVERAGE | ||
REQUIRED. (a) In this section: | ||
(1) "Commercial property insurance" means insurance | ||
coverage against damage to or loss of real or tangible personal | ||
property at a fixed location that is provided through: | ||
(A) a commercial fire or allied lines insurance | ||
policy; or | ||
(B) as authorized by commissioner rule, a | ||
commercial property insurance policy covering other perils or | ||
providing other coverages or other lines of first party property | ||
insurance. | ||
(2) "Residential property insurance" means insurance | ||
coverage against damage to or loss of residential real or tangible | ||
personal property at a fixed location that is provided through: | ||
(A) a homeowners insurance policy, including a | ||
tenants insurance policy; | ||
(B) a condominium owners insurance policy; | ||
(C) a residential fire and allied lines insurance | ||
policy; | ||
(D) a farm and ranch insurance policy; or | ||
(E) a farm and ranch owners insurance policy. | ||
(b) This section applies to each insurer authorized to | ||
engage in the business of commercial or residential property | ||
insurance in this state, including a county mutual insurance | ||
company, farm mutual insurance company, Lloyd's plan, and | ||
reciprocal or interinsurance exchange. | ||
(c) An insurer that issues a commercial or residential | ||
property insurance policy that does not provide coverage against | ||
loss caused by flooding shall include at the top of the policy's | ||
declarations page the following statement: "WARNING: THIS POLICY | ||
DOES NOT PROVIDE COVERAGE AGAINST LOSS CAUSED BY FLOODING." | ||
SECTION 2. Section 2002.103, Insurance Code, as added by | ||
this Act, applies only to an insurance policy delivered, issued for | ||
delivery, or renewed on or after January 1, 2020. A policy | ||
delivered, issued for delivery, or renewed before January 1, 2020, | ||
is governed by the law as it existed immediately before the | ||
effective date of this Act, and that law is continued in effect for | ||
that purpose. | ||
SECTION 3. This Act takes effect September 1, 2019. |