SUBPART D-2. STATED VALUE POLICY ACT

§1346.1. Definitions

            As used in this Section, the following terms have the following meanings:

            (1) "Homeowner" means a person who holds the title to a residential property located within the jurisdiction of this state.

            (2) "Stated value policy" means a residential insurance policy under which the insured has the option to declare a stated value for the insured residential property, which is agreed upon by the insurer as the amount of insurance coverage, irrespective of the current market value of the property.

            Acts 2025, No. 480, §1, eff. June 30, 2025.