Bill > HB4472

This bill clarifies that insurance policies for commercial real property in West Virginia can be written for any amount agreed upon by the insurance company and the property owner, even if that amount is less than the full cost to replace the property. Currently, existing law might imply that policies must cover the full replacement cost value, which is the cost to repair or rebuild without accounting for wear and tear (depreciation). This bill explicitly states that parties can agree to coverage based on replacement cost value, actual cost value (which accounts for depreciation), market value, or any other amount they mutually decide upon, providing more flexibility in commercial property insurance underwriting.

Budget and Finance, Business and Industry

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=4472&year=2026&sessiontype=RS&btype=bill