Texas Insurance Code

§ 707.004 — REASONABLE PROOF OF PAYMENT

IN § 707.004Title 5. PROTECTION OF CONSUMER INTERESTS · Part F. INSURANCE FRAUD AND IDENTITY THEFT · Ch. 707. PAYMENT OF INSURANCE DEDUCTIBLE

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An insurer that issues a property insurance policy with replacement cost coverage may refuse to pay a claim for withheld recoverable depreciation or a replacement cost holdback under the policy until the insurer receives reasonable proof of payment by the policyholder of any deductible applicable to the claim. Reasonable proof of payment includes a canceled check, money order receipt, credit card statement, or copy of an executed installment plan contract or other financing arrangement that requires full payment of the deductible over time.

Legislative history

Added by Acts 2019, 86th Leg., R.S., Ch. 1099 (H.B. 2102), Sec. 1, eff. September 1, 2019.