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§ 19-213. Property coverage for dwelling or personal property on replacement cost basis

West's Annotated Code of MarylandInsuranceEffective: January 1, 2011

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 19. Property and Casualty Insurance
Subtitle 2. Homeowner's Insurance Policies (Refs & Annos)
Effective: January 1, 2011
MD Code, Insurance, § 19-213
§ 19-213. Property coverage for dwelling or personal property on replacement cost basis
In general
(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.
Notice of intent to repair or replace dwelling or personal property
(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 through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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