SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2024 SESSION
HB 1257 Insurance; optional coverage for the diminished value of personal property.
Introduced by: Paul V. Milde | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Insurance; coverage for the diminished value of personal property. Requires any insurer who issues or delivers a new or renewal homeowner's insurance policy or a stand-alone policy that covers scheduled personal property in the Commonwealth to offer in writing a provision providing coverage for the diminution in the value of any such scheduled personal property, if the schedule provides for the repair of such property. Under the bill, the diminution in value of the personal property is the amount, if any, by which the market value of the personal property immediately following the completion of repair of the damage to the personal property is less than the market value of the personal property immediately prior to the damage and the change in market value is a direct result of damage from the covered loss. The provisions of the bill shall apply to every such policy that is issued, delivered, or renewed by an insurer licensed in the Commonwealth on or after July 1, 2025.
FULL TEXT
- 01/10/24 House: Prefiled and ordered printed; offered 01/10/24 24102416D pdf | impact statement
- 02/08/24 House: Committee substitute printed 24106334D-H1 pdf | impact statement
- 03/25/24 House: Bill text as passed House and Senate (HB1257ER) pdf | impact statement
- 04/05/24 Governor: Acts of Assembly Chapter text (CHAP0547) pdf
AMENDMENTS
- House subcommittee amendments and substitutes offered
- House subcommittee amendments and substitutes adopted
HISTORY
- 01/10/24 House: Prefiled and ordered printed; offered 01/10/24 24102416D
- 01/10/24 House: Referred to Committee on Labor and Commerce
- 01/23/24 House: Assigned L & C sub: Subcommittee #1
- 02/06/24 House: Subcommittee recommends reporting with substitute (4-Y 2-N)
- 02/08/24 House: Reported from Labor and Commerce with substitute (22-Y 0-N)
- 02/08/24 House: Committee substitute printed 24106334D-H1
- 02/11/24 House: Read first time
- 02/12/24 House: Read second time
- 02/12/24 House: Committee substitute agreed to 24106334D-H1
- 02/12/24 House: Engrossed by House - committee substitute HB1257H1
- 02/13/24 House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
- 02/13/24 House: VOTE: Block Vote Passage (99-Y 0-N)
- 02/14/24 Senate: Constitutional reading dispensed
- 02/14/24 Senate: Referred to Committee on Commerce and Labor
- 03/04/24 Senate: Reported from Commerce and Labor (11-Y 0-N 2-A)
- 03/05/24 Senate: Constitutional reading dispensed (40-Y 0-N)
- 03/06/24 Senate: Read third time
- 03/06/24 Senate: Passed Senate (39-Y 0-N 1-A)
- 03/25/24 House: Enrolled
- 03/25/24 House: Bill text as passed House and Senate (HB1257ER)
- 03/25/24 Senate: Signed by President
- 03/26/24 House: Signed by Speaker
- 03/27/24 House: Enrolled Bill communicated to Governor on March 27, 2024
- 03/27/24 Governor: Governor's Action Deadline 11:59 p.m., April 8, 2024
- 04/05/24 Governor: Approved by Governor-Chapter 547 (effective 7/1/25)
- 04/05/24 Governor: Acts of Assembly Chapter text (CHAP0547)