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Over Insurance Statutes by State State Statute Statutory Wording Alabama Alaska Over-Insurance Prohibited

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Over Insurance Statutes by State State Statute Statutory Wording Alabama Alaska Over-Insurance Prohibited Over Insurance Statutes by State State Statute Statutory Wording Alabama Alaska Over-Insurance Prohibited. (a) Over-insurance shall be considered to exist if property or an insurable interest in property is insured by one or more insurance contracts against the same hazard in an amount in excess of the fair value of the property or of the interest, as determined on the effective date of the insurance or the renewal of it. AS 21.60.010 (b) In this section the term "fair value" means the cost of replacement less depreciation that is properly applicable to the subject insured. (c) A person may not knowingly issue, place, procure, or accept an insurance contract that would result in over-insurance of the property or interest in the property proposed to be insured, except as provided in AS 21.60.020 . (d) Each violation of this section shall subject the violator to the penalties provided in AS 21.90.020 . Arizona 6-909 Prohibited Acts (Banking Law) P. A mortgage broker shall not require a person seeking a loan secured by real property to obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer. 44-1208 44-1208. Loans secured by real estate; prohibited practices; insurance Except for consumer lender loans regulated pursuant to section 6-636, for any loan that is secured by real property, a person shall not require as a condition of the loan that the borrower obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer. Arkansas (a) A savings and loan association, financial institution, national bank, mortgage company, or any public or private mortgagee doing business in this state, when making a mortgage loan, may not 23-32-206 require as a condition or term of the mortgage that the mortgagor purchase casualty insurance on Banking Code property which is the subject of the mortgage in an amount in excess of the fair market value of the buildings or appurtenances on the mortgaged premises. California (a) No lender shall require a borrower, as a condition of receiving or maintaining a loan secured by real property, to provide hazard insurance coverage against risks to the improvements on that real property in an amount exceeding the replacement value of the improvements on the property. Civil Code Section 2955.5 (b) A lender shall disclose to a borrower, in writing, the contents of subdivision (a), as soon as practicable, but before execution of any note or security documents. (c) Any person harmed by a violation of this section shall be entitled to obtain injunctive relief and may recover damages and reasonable attorney's fees and costs. Disclaimer: This reference sheet is not to be construed as nor is this legal advice or 1 legal interpretation of each state's general statute. Consult with counsel to assure ©2017 compliance with individual state statutes. Over Insurance Statutes by State State Statute Statutory Wording (d) A violation of this section does not affect the validity of the loan, note secured by a deed of trust, mortgage, or deed of trust. (e) For purposes of this section: (1) “Hazard insurance coverage” means insurance against losses caused by perils which are commonly covered in policies described as a “Homeowner's Policy,” “General Property Form,” “Guaranteed Replacement Cost Insurance,” “Special Building Form,” “Standard Fire,” “Standard Fire with Extended Coverage,” “Standard Fire with Special Form Endorsement,” or comparable insurance coverage to protect the real property against loss or damage from fire and other perils covered within the scope of a standard extended coverage endorsement. (2) “Improvements” means buildings or structures attached to the real property. Colorado Requirements on hazard insurance coverage for loans secured by real property (1) No lender shall require a borrower under a loan secured by real property to provide hazard insurance coverage on that property in an amount exceeding the replacement value of the improvements on the property. C.R.S. 10-4-114 (2) Any person harmed by a violation of this section shall be entitled to obtain injunctive relief and may recover damages and reasonable attorney fees and costs. (3) A violation of this section does not affect the validity of the loan or the mortgage or deed of trust. Connecticut Mortgage insurance requirements limited. 36a-757 No mortgage lender shall, in connection with any application for a mortgage loan in this state which is (Banking law) secured by mortgage on residential real estate located in this state, require any prospective (36a, Chapter 669, Part mortgagor to obtain by purchase or otherwise a fire insurance policy, flood insurance policy, other X, 36a-757) extended coverage policy, or any combination thereof, in excess of the replacement value of the covered premises as a condition for the granting of such mortgage. Delaware Prohibited Acts and Practices 5-2418 It is a violation of this chapter for a person subject to this chapter to: (Banking law) (13) Cause or require a borrower to obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer; Florida 626.621 (7) Grounds for discretionary refusal, suspension, or revocation of agent’s, adjuster’s, customer representative’s, service representative’s, or managing general agent’s license or appointment. The department may, in its discretion, deny an application for, suspend, revoke, or refuse to renew or continue the license or appointment of any applicant, agent, adjuster, customer representative, service representative, or managing general agent, and it may suspend or revoke the eligibility to hold a license or appointment of any such person, if it finds that as to the applicant, licensee, or appointee Disclaimer: This reference sheet is not to be construed as nor is this legal advice or 2 legal interpretation of each state's general statute. Consult with counsel to assure ©2017 compliance with individual state statutes. Over Insurance Statutes by State State Statute Statutory Wording any one or more of the following applicable grounds exist under circumstances for which such denial, suspension, revocation, or refusal is not mandatory under s. 626.611: (7) Willful overinsurance of any property or health insurance risk. 690-167.009 Mortgage Fire Insurance Requirements Limited No mortgage lender shall, in connection with any application for a mortgage loan in this state which is secured by a mortgage on residential real estate located in this state, require any prospective mortgagor to obtain by purchase or otherwise a fire insurance policy in excess of the replacement value of the covered premises as a condition for granting such a mortgage. Georgia (6)(A) No person shall knowingly collect any sum as premium or charge for insurance, which insurance is not then provided or not in due course to be provided subject to acceptance of the risk by the insurer by an insurance policy issued by an insurer as permitted by this title. 33-6-5(6)(A) (This is an indirect reference to over insurance. According to a June 26, 1998 directive, the wording of this statute prohibits over insurance because the carrier cannot collect premium for property not covered – such as land.) Hawaii Over-insurance prohibited; exceptions. (a) Over-insurance shall be deemed to exist if property or an insurable interest in the property is insured by one or more insurance contracts against the same hazard in any amount in excess of the actual cash value of the property or of such interest, as determined as of the effective date of the insurance or of any renewal thereof. (b) For the purposes of this section only, the term actual cash value means the cost of replacement less such depreciation as is properly applicable to the subject insured. 431:10E-102 (c) No person shall knowingly sell, solicit, negotiate, or make any contract for insurance which would result in over-insurance of the property or interest therein proposed to be insured, except as is provided in section 431:10E-103. (d) Each violation of this section shall subject the violator to the penalties provided by this code. [L 1987, c 347, pt of §2; am L 2002, c 155, §74] Idaho Illinois Sec. 17. Insurance coverage. (a) No lender shall require a borrower, as a condition of receiving or maintaining a loan secured by 765 ILCS 930/17 real property, to provide hazard insurance coverage against risks to the improvements on that real (Property Law) property in an amount exceeding the replacement value of the improvements on the property. (b) Any person harmed by a violation of this Section shall be entitled to obtain injunctive relief and may recover damages and reasonable attorney's fees and costs. Disclaimer: This reference sheet is not to be construed as nor is this legal advice or 3 legal interpretation of each state's general statute. Consult with counsel to assure ©2017 compliance with individual state statutes. Over Insurance Statutes by State State Statute Statutory Wording (c) A violation of this Section does not affect the validity of the loan, note secured by a deed of trust, mortgage, or deed of trust. Indiana Iowa 535D.17 Prohibited acts and practices. It is a violation of this chapter for a person or individual subject to this chapter to engage in any of the following activities: IA Code § 535D.17 (2019) 13. Cause or require a borrower to obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer. https://law.justia.com/codes/iowa/2019/title-xiii/chapter-535d/section-535d-17/ Kansas Statement of value in policy; evidence of ownership of property; exceptions.
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