Relating to an appraisal process for disputed losses under personal automobile or residential property insurance policies.

SB 458 requires personal auto and residential property insurance policies in Texas to include a standardized appraisal process when policyholders and insurers disagree on the amount of a loss. The law mandates that policies contain this dispute resolution mechanism, involving qualified appraisers and an umpire to determine the loss value. An appraisal award under this process is binding on both parties, except for fraud, accident, or material mistake. This applies to most standard insurers (like capital stock or mutual companies) but excludes commercial policies and Texas Windstorm Insurance Association coverage.