HB0224 • 2020

Homeowner's insurance protections.

AN ACT relating to insurance; providing minimum coverage requirements for specified types of property and casualty insurance; providing applicability; and providing for an effective date.

Did Not Pass

The latest official action shows that this bill did not move forward in that session.

Sponsor: Representative Brown
Last action: 2020-02-13
Official status: inactive
Effective date: 3/1/2020

Plain English Breakdown

The bill's status is 'Did Not Pass', meaning it was not enacted into law.

Homeowner's Insurance Protections

The bill proposes setting minimum coverage requirements for homeowner insurance policies in Wyoming.

What This Bill Does

Proposes a new law that requires insurers to offer replacement value coverage for homes and their contents, ensuring the full cost of replacing damaged property is covered with materials of like kind and quality.

Who It Names or Affects

Homeowners in Wyoming who buy or renew homeowner's insurance policies.
Insurance companies that sell property and casualty insurance for homes in Wyoming.

Terms To Know

Replacement value coverage: A type of insurance that covers the cost to replace damaged property with new materials of similar quality.

Limits and Unknowns

The bill did not pass and was not signed into law.
It only applies to policies sold or renewed after July 1, 2020, which has passed without the bill becoming law.

Bill History

2020-02-13 House
H Failed Introduction 33-27-0-0-0
2020-02-12 House
H Received for Introduction
2020-02-11 LSO
Bill Number Assigned

Current Bill Text

Read the full stored bill text

20LSO-0294
2020
STATE OF WYOMING
20LSO-0294
Numbered
2.0

HOUSE BILL NO. HB0224

Homeowner's insurance protections.

Sponsored by: Representative(s) Brown, Blackburn, Blake, Clem, Duncan, Lindholm, Olsen, Salazar, Schwartz, Stith, Western and Zwonitzer and Senator(s) Boner, Driskill, Kost and Von Flatern

A BILL

for

AN ACT relating to insurance; providing minimum coverage requirements for specified types of property and casualty insurance; providing applicability; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S.
26
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23
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109 is created to read:

26
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23
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109.

Minimum coverage for homeowner policies.

No insurer shall offer for sale an insurance policy in violation of this section. Property and casualty insurance
on a residence and its contents providing replacement value coverage shall include coverage for the full cost of replacement of the covered property at the location of the property with new property or materials of like kind and quality that restore the property or materials to its functional and aesthetic condition prior to the loss.

Section 2.

This act shall only apply to insurance policies sold or renewed on or after July 1, 2020.

Section 3.

This act is effective July 1, 2020
.

(END)

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HB0224