Bill Text: SC H4549 | 2015-2016 | 121st General Assembly | Introduced

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Bill Title: Property insurance

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2016-01-12 - Referred to Committee on Labor, Commerce and Industry [H4549 Detail]

Download: South_Carolina-2015-H4549-Introduced.html

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A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 38-75-70 SO AS TO PROHIBIT AN INSURER FROM REQUIRING A HOMEOWNER TO PURCHASE COVERAGE FOR AN AMOUNT EXCEEDING THE VALUE OF ALL LIENS AGAINST THE INSURED PROPERTY UNLESS THE HOMEOWNER AFFIRMATIVELY CONSENTS TO WAIVE RIGHTS GRANTED BY THIS SECTION.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Article 1, Chapter 75, Title 38 of the 1976 Code is amended by adding:

"Section 38-75-70.    An insurer licensed and authorized in this State to sell homeowner's insurance may not require a homeowner to purchase coverage for an amount exceeding the value of all liens against the insured property unless the homeowner:

(1)    is apprised of his rights under this section orally and in writing; and

(2)    affirmatively consents to waive these rights."

SECTION    2.    This act takes effect upon approval by the Governor.