Virginia House Bill 1257
Session 2024
Insurance; optional coverage for the diminished value of personal property.
Became Law
Signed by Governor on Apr 5, 2024
Origin Chamber
House
Type
Bill
Bill Number
1257
State
Virginia
Session
2024
Paul V. Milde
grade
Primary
Cosponsor
Motion Text
VOTE: Block Vote Passage (99-Y 0-N)
House Roll Call Votes
Yes
Yes
Didn't Vote
Yes
Yes
Yes
Yes
Yes
Reaser, Atoosa R.
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Summary
Insurance; coverage for the diminished valueof personal property. Requires insurance policies covering damageto personal property to provide coverage for the diminution in thevalue of such personal property. Under the bill, the diminution invalue of the personal property is the amount, if any, by which themarket value of the personal property immediately following the completionof repair of the damage to the personal property is less than themarket value of the personal property immediately prior to the damage.
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.
Prefiled and ordered printed; offered 01/10/24 24102416D
January 10, 2024
Committee substitute printed 24106334D-H1
February 8, 2024
HB1257ER
March 25, 2024
Fiscal Impact Statement: HB1257F171.PDF
Fiscal Impact Statement: HB1257FH1171.PDF
Fiscal Impact Statement: HB1257FER171.PDF
Sort by most recent
04/22/2024
House
Impact statement from SCC (HB1257ER)
04/05/2024
Office of the Governor
Acts of Assembly Chapter text (CHAP0547)
04/05/2024
Office of the Governor
Approved by Governor-Chapter 547 (effective 7/1/25)
03/27/2024
Office of the Governor
Governor's Action Deadline 11:59 p.m., April 8, 2024
03/27/2024
House
Enrolled Bill communicated to Governor on March 27, 2024
03/26/2024
House
Signed by Speaker
03/25/2024
Senate
Signed by President
03/25/2024
House
Bill text as passed House and Senate (HB1257ER)
03/25/2024
House
Enrolled
03/06/2024
Senate
Passed Senate (39-Y 0-N 1-A)
03/06/2024
Senate
Read third time
03/05/2024
Senate
Constitutional reading dispensed (40-Y 0-N)
03/04/2024
Senate
Reported from Commerce and Labor (11-Y 0-N 2-A)
02/16/2024
House
Impact statement from SCC (HB1257H1)
02/14/2024
Senate
Referred to Committee on Commerce and Labor
02/14/2024
Senate
Constitutional reading dispensed
02/13/2024
House
VOTE: Block Vote Passage (99-Y 0-N)
02/13/2024
House
Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/12/2024
House
Engrossed by House - committee substitute HB1257H1
02/12/2024
House
Committee substitute agreed to 24106334D-H1
02/12/2024
House
Read second time
02/11/2024
House
Read first time
02/08/2024
House
Committee substitute printed 24106334D-H1
02/08/2024
House
Reported from Labor and Commerce with substitute (22-Y 0-N)
02/06/2024
House
Subcommittee recommends reporting with substitute (4-Y 2-N)
02/06/2024
House
House subcommittee amendments and substitutes offered
01/31/2024
House
Impact statement from SCC (HB1257)
01/23/2024
House
Assigned L & C sub: Subcommittee #1
01/10/2024
House
Referred to Committee on Labor and Commerce
01/10/2024
House
Prefiled and ordered printed; offered 01/10/24 24102416D
Sources
Open States
Record Created
Jan 10, 2024 10:19:18 PM
Record Updated
Apr 25, 2024 12:29:04 AM