language to be deleted (2) new language
Laws of Minnesota 1991 CHAPTER 244-S.F.No. 1128 An act relating to insurance; providing for replacement cost insurance coverage for personal property; prohibiting insurers from requiring more than one residential renter's insurance policy be written to cover a single household; amending Minnesota Statutes 1990, section 65A.10; proposing coding for new law in Minnesota Statutes, chapter 65A. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: Section 1. Minnesota Statutes 1990, section 65A.10, is amended to read: 65A.10 [LIMITATION.] Subdivision 1. [BUILDINGS.] Nothing contained in sections 65A.08 and 65A.09 shall be construed to preclude insurance against the cost, in excess of actual cash value at the time any loss or damage occurs, of actually repairing, rebuilding or replacing the insured property. Subject to any applicable policy limits, where an insurer offers replacement cost insurance, the insurance must cover the cost of replacing, rebuilding, or repairing any loss or damaged property in accordance with the minimum code as required by state or local authorities. In the case of a partial loss, unless more extensive coverage is otherwise specified in the policy, this coverage applies only to the damaged portion of the property. Subd. 2. [PERSONAL PROPERTY.] Subject to applicable policy limits, replacement cost insurance coverage for personal property must cover the cost of replacing or repairing any loss or damaged property. In the case of a partial loss, unless more extensive coverage is otherwise specified in the policy, this coverage applies only to the damaged portion of the property. If a homeowner's policy does not provide replacement cost coverage for personal property, the declarations page of the policy shall so indicate by containing the term "nonreplacement cost". Sec. 2. [65A.44] [DEFINITIONS.] Subdivision 1. [APPLICATION.] The definitions in this section apply to this section and section 3. Subd. 2. [INSURER.] "Insurer" means an insurer licensed to write insurance and writing residential renter's insurance in this state. Subd. 3. [RESIDENTIAL RENTER'S INSURANCE POLICY.] "Residential renter's insurance policy" means insurance coverage normally written by the insurer as a standard residential renter's package policy. Sec. 3. [65A.45] [RESIDENTIAL RENTER'S INSURANCE POLICY.] No insurer shall refuse to issue a single residential renter's insurance policy for the purpose of providing coverage to up to four individuals residing in the same household, if all of the individuals are named insureds on the policy and meet the insurer's normal underwriting requirements. Presented to the governor May 24, 1991 Signed by the governor May 28, 1991, 9:54 a.m.