Texas Insurance Code 911.155 – Repair or Replacement of Insured Property
Current as of: 2024 | Check for updates
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Terms Used In Texas Insurance Code 911.155
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
The company’s bylaws may authorize the company to require, at its option, that all or a percentage of the money paid for a loss be used to replace or repair the damaged or destroyed property. The requirement may apply equally to personal and real property, including personal and real property exempt from execution, such as a homestead or a building on the homestead. The company may provide in its bylaws that the requirements of § 862.053 do not apply to its insurance policies.