Indiana Code 27-1-13-17. Residential policy restrictions
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Sec. 17. (a) This section applies to a policy of insurance that:
(2) insures against loss or damage to:
(1) covers first party loss to property located in Indiana; and
Terms Used In Indiana Code 27-1-13-17
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
- person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
- policyholder: means one who is a holder of a contract of insurance in an insurance company. See Indiana Code 27-1-2-3
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(A) real property consisting of not more than four (4) residential units, one (1) of which is the principal place of residence of the named insured; or
(B) personal property in which the named insured has an insurable interest and that is used within a residential dwelling for personal, family, or household purposes.
(b) A policy of insurance described in subsection (a) may not be issued, renewed, or delivered to any person in Indiana if the policy limits a policyholder‘s right to bring an action against an insurer to a period of less than two (2) years from the date of loss.
As added by P.L.173-2007, SEC.10.