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90_HB0696
215 ILCS 5/143.32 new
Amends the Illinois Insurance Code. Requires insurers to
ascertain the assessed value of the property before renewing
a policy of fire and extended coverage insurance for
residential real property.
LRB9003256JSmb
LRB9003256JSmb
1 AN ACT to amend the Illinois Insurance Code by adding
2 Section 143.32.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Insurance Code is amended by
6 adding Section 143.32 as follows:
7 (215 ILCS 5/143.32 new)
8 Sec. 143.32. Property insurance renewal; value. Before
9 renewing a policy of fire and extended coverage insurance, as
10 defined in Section 143.13, the company renewing the policy
11 shall ascertain the assessed value of the property. The
12 company shall notify the insured of the assessed value of the
13 property and of the fair market value of the property based
14 upon that assessed value. The company shall also inform the
15 insured of the amount of insurance coverage necessary to
16 cover the value of the property.