2026 Regular Session
HB 5462
Relating to Mine Subsidence
Law
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill clarifies the limits of mine subsidence insurance coverage in West Virginia. It specifies that mine subsidence insurance must be included in policies covering structures built after October 1, 1982, in certain counties. The bill also sets limits on the deductible amount and the maximum insured value reinsured by the state, ensuring that reinsurance payments do not exceed the amount of fire insurance coverage for the structure.
Key provisions
- Requires mine subsidence insurance in policies covering structures built after 1982 in designated counties.
- Establishes a deductible range of $250 to $500 for mine subsidence insurance.
- Limits the maximum insured value reinsured by the state to $200,000.
- Sets the amount of mine subsidence reinsurance to not exceed the amount of fire insurance coverage.
- Specifies that recovery payments must first be applied to property damages.
- Clarifies the state’s liability for reinsurance payments in cases where other sources of payment are involved.
Who is affected
- Homeowners
- Businesses
- Insurance companies
- Landowners in designated counties
- The State of West Virginia
Notable changes
- Defines specific counties requiring mine subsidence insurance.
- Establishes maximum limits on deductible amounts and insured values.
- Clarifies the state’s reinsurance liability in specific loss scenarios.
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