HB1687: Personal lines residential property insurance policy; provide option for policy that only covers unpaid principal balance on collateral.

Legislative Summary

An Act To Provide That Before Issuing A Personal Lines Residential Property Insurance Policy, The Insurer Shall Offer A Policy That Provides A Coverage Limit On The Dwelling Equal To The Unpaid Principal Balance Of All Deeds Of Trust On The Collateral; To Exclude Condominiums From The Provisions Of This Act; And For Related Purposes.