New Law: Right to Appraisal

New Law: Right to Appraisal

Gov. Ferguson signing SB 5721 into lawLegislation requiring auto insurance policies to have a right to appraisal provision, so insurers and consumers can reach a fair and timely agreement on the cost of a damaged vehicle’s losses was signed into law Tuesday.Senate Bill 5721, sponsored by Sen. Derek Stanford, 1st Legislative District provides an unbiased way to resolve disputes, allowing consumers and insurers to avoid costly litigation. Under th…

Texas mandatory appraisal bill passes House

After more than six years of advocating, a bill to make it mandatory that auto and home insurance policies include an appraisal clause has unanimously passed in the Texas House. SB 458 states the appraisal provision “is intended to provide a type of dispute resolution process solely to determine the amount of loss when that amount is in dispute between the policyholder and the insurer.” Generally, the mandatory appraisal bills seek to: Require …