Residential Property Appraisal

HB 1401 requires certain insurance companies to use specific valuation methods when appraising residential properties for insurance purposes. This bill directly affects homeowners who purchase property insurance, as it mandates that insurers incorporate these standardized valuations to provide the required coverage. The key provision specifies that insurers must include these particular valuations in their appraisal process to ensure coverage meets defined standards. The bill aims to standardize how insurers determine property values for residential insurance policies.