Sec. 911.155. REPAIR OR REPLACEMENT OF INSURED PROPERTY. The company's bylaws may authorize the company to require, at its option, that all or a percentage of the money paid for a loss be used to replace or repair the damaged or destroyed property. The requirement may apply equally to personal and real property, including personal and real property exempt from execution, such as a homestead or a building on the homestead. The company may provide in its bylaws that the requirements of Section 862.053 do not apply to its insurance policies.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle F - Farm and County Mutual Insurance Companies
Chapter 911 - Farm Mutual Insurance Companies
Subchapter D. Policies and Coverage
Section 911.151. Kinds of Insurance Authorized
Section 911.152. Property and Hazards Against Which Company May Not Insure
Section 911.153. Contract Terms: Incorporation of Bylaws
Section 911.154. Contract Terms: Adoption of Additional Provisions