§ 19-213. Property coverage for dwelling or personal property on replacement cost basis
West's Annotated Code of MarylandInsuranceEffective: January 1, 2011
Effective: January 1, 2011
MD Code, Insurance, § 19-213
§ 19-213. Property coverage for dwelling or personal property on replacement cost basis
(a) Each policy of homeowner's, farmowner's, or dwelling insurance issued, sold, or delivered in the State that provides property coverage for a dwelling or personal property on a replacement cost basis shall contain a provision that allows an insured to file a claim for the difference between the actual cash value and the replacement cost for the completed repairs or replacement for not less than 2 years after the date of loss.
(b) An insurer may require an insured seeking additional payments on a replacement cost basis to notify the insurer, within 180 days after the date of loss, of the insured's intent to repair or replace the dwelling or personal property.
Credits
Added by Acts 2010, c. 91, § 1, eff. Jan. 1, 2011; Acts 2010, c. 92, § 1, eff. Jan. 1, 2011.
MD Code, Insurance, § 19-213, MD INSURANCE § 19-213
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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