S-1189.1                   _______________________________________________

                                            SUBSTITUTE SENATE BILL 5188

                              _______________________________________________

State of Washington                              53rd Legislature                             1993 Regular Session

By Senate Committee on Labor & Commerce (originally sponsored by Senators Moore, Prentice and Loveland)

Read first time 02/11/93.

Allowing specified valuation of items covered by a homeowner's policy.

          AN ACT Relating to the valuation of items under a homeowner's policy; and adding a new section to chapter 48.18 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  A new section is added to chapter 48.18 RCW to read as follows:

          (1) Upon the request of the insured, an insurer offering or providing a homeowner's policy shall include coverage for specific items of personal property at an agreed-to value.  The agreed-to value must be stated in writing in the document describing the coverage.  In the event of a covered loss involving the specific item of personal property, and if the appropriate premium payments have been paid by the insured, an insurer shall pay the insured the stated value for a total loss or the proportionate value for a partial loss.  Nothing in this section requires an insurer to provide coverage for specific items of personal property unless the insurer and insured reach an agree-to value.

          (2) As used in this section:

          (a) "Agreed-to value" means the value that has been agreed to in writing by the insurer and insured.

          (b) "Homeowner's policy" means a multiperil policy that covers general casualty and property insurance, except dwelling fire, at the insured's primary residence and includes personal inland marine insurance.

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