Q. Is there a law in Texas that if a house is a total loss the company has to pay the full amount of insurance on the policy?
A. Texas has a Valued Policy law that requires the full amount of insurance on real property be paid if there is a total loss. But it only applies to loss by fire and does not apply to personal property.
Need the answer to a tough technical or regulatory question?
IIAT is continuing the Ask Regina brand as a small way to honor the late Regina Anderson’s legacy as IIAT’s go-to guru for answering all insurance technical and regulatory questions.
So, if you don’t have the answer to a tough technical or regulatory question – go ahead and Ask Regina. It might not be exactly the same when an IIAT insurance expert like Jim Gavin calls you back, but you’ll probably get the answer you need, and maybe a joke to lighten your day.