Washington Insurance Commissioner Mike Kreidler on Thursday filed an emergency order that requires insurers to extend deadlines relating to withheld depreciation for policyholders who are in the process of completing home or building repairs as part of a property loss claim under a replacement cost policy.
The deadline is extended by 60 days after June 26, or after the expiration of Gov. Jay Inslee’s COVID-19 related stay-at-home order, whichever comes first.
Without the extension, some policyholders in Washington could have been forced to accept a depreciated settlement from an insurer that was less than the replacement cost, according to Kreidler’s office.
Some policies have a time requirement to complete repairs. Since the residential construction industry was prohibited from doing repair work during a statewide shutdown, some people may have been unable to complete the repairs within the allotted time.
Topics Claims Washington
Was this article valuable?
Here are more articles you may enjoy.
Florida Regulators Mulling New Rules on Market Conduct Exams, Reporting 
Robotaxi Riders Are Falling Asleep, Sparking Frantic 911 Calls 
London Broker Howden Plots Giant Capital Raise on IPO Path 
Q2 Net Income at Travelers Soars 46% on Less Catastrophes, Favorable Reserves 
