HF 3047

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to insurance; regulating replacement cost 
  1.3             coverage for buildings; amending Minnesota Statutes 
  1.4             1994, section 65A.10, subdivision 1. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1994, section 65A.10, 
  1.7   subdivision 1, is amended to read: 
  1.8      Subdivision 1.  [BUILDINGS.] Nothing contained in sections 
  1.9   65A.08 and 65A.09 shall be construed to preclude insurance 
  1.10  against the cost, in excess of actual cash value at the time any 
  1.11  loss or damage occurs, of actually repairing, rebuilding or 
  1.12  replacing the insured property.  Subject to any applicable 
  1.13  policy limits, where an insurer offers replacement cost 
  1.14  insurance,: (i) the insurance must cover the cost of replacing, 
  1.15  rebuilding, or repairing any loss or damaged property in 
  1.16  accordance with the minimum code as required by state or local 
  1.17  authorities; and (ii) the insurance coverage may not be 
  1.18  conditioned on replacing or rebuilding the damaged property at 
  1.19  its original location on the owner's property if the structure 
  1.20  must be relocated because of zoning or land use regulations of 
  1.21  state or local government.  In the case of a partial loss, 
  1.22  unless more extensive coverage is otherwise specified in the 
  1.23  policy, this coverage applies only to the damaged portion of the 
  1.24  property.