Sec. 2002.004. JEWELRY COVERAGE. (a) In this section, "personal property insurance" means insurance against damage to or loss of tangible personal property, including coverage provided in a homeowners insurance policy, residential fire and allied lines insurance policy, or farm and ranch owners insurance policy.
(b) This section applies to each insurer that provides personal property insurance in this state, including a county mutual insurance company, farm mutual insurance company, Lloyd's plan, and reciprocal or interinsurance exchange.
(c) An insurer that provides personal property insurance coverage in this state for jewelry may elect to pay either:
(1) the stated value of the jewelry item; or
(2) the actual cost of replacing the jewelry item with one of like kind and quality.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 2, eff. April 1, 2007.
Structure Texas Statutes
Title 10 - Property and Casualty Insurance
Subtitle D - Fire Insurance and Allied Lines, Including Residential Property Insurance
Subchapter A. Policy Provisions
Section 2002.001. Policy Form or Endorsement Making Material Change to Policy
Section 2002.002. Lien on Insured Property
Section 2002.003. Coverages for Spouses and Former Spouses
Section 2002.004. Jewelry Coverage
Section 2002.005. Coinsurance Clauses
Section 2002.006. Provisions Governing Certain Conditions or Risks