HB1310: Insurance; residential and commercial fire and extended coverage policies; require appraisal provision

Legislative Summary

A BILL to be entitled an Act to amend Chapter 32 of Title 33 of the O.C.G.A., relating to property insurance, so as to require an appraisal provision in residential and commercial fire and extended coverage insurance policies; to provide guidelines for appraisal of amount of loss, including scope of loss; to define damaged property and depreciation and provide guidelines for calculating depreciation where a property is damaged but not wholly destroyed; to prohibit an insurer from requiring the use of a preferred vendor or contractor; to allow an insurer to recommend the use of a preferred vendor or contractor; to provide for the adjustment and settlement of first-party losses based on replacement cost value and on actual cash value; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.