2005 Nevada Revised Statutes - Chapter 691A — Property Insurance

CHAPTER 691A - PROPERTY INSURANCE

NRS 691A.010 Applicabilityof other provisions.

NRS 691A.020 Insurerof mobile homes to offer coverage which pays market value in event of totalloss of mobile home.

NRS 691A.030 Loanssecured by real property: Lender prohibited from requiring borrower to insureimprovements to property for more than their replacement value.

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NRS 691A.010 Applicabilityof other provisions. All contracts of propertyinsurance covering subjects located in this state are subject to the applicableprovisions of chapter 687B of NRS (theinsurance contract), and to other applicable provisions of this Code.

(Added to NRS by 1971, 1779)

NRS 691A.020 Insurerof mobile homes to offer coverage which pays market value in event of totalloss of mobile home.

1. Each insurer which provides property insurancecovering mobile homes in Nevada shall offer, in addition to any otherinsurance, insurance to pay the market value of the mobile home in the event ofa total loss of the mobile home.

2. Nothing in this section requires any insurer tooffer any insurance on mobile homes at a premium which is not fair andadequate.

(Added to NRS by 1981, 475)

NRS 691A.030 Loanssecured by real property: Lender prohibited from requiring borrower to insureimprovements to property for more than their replacement value.

1. A lender shall not require a borrower, as acondition of obtaining or maintaining a loan secured by real property, toprovide property insurance on improvements to real property in an amount thatexceeds the reasonable replacement value of the improvements.

2. As used in this section:

(a) Borrower means a mortgagor, grantor of a deed oftrust or other debtor.

(b) Improvement to real property means a fixture,building or other structure attached to real property and intended as apermanent addition to the property.

(c) Lender means a mortgagee, beneficiary of a deedof trust or other creditor who holds a mortgage, deed of trust or otherinstrument that encumbers real property as security for the repayment of adebt.

(Added to NRS by 2001, 1465)

 

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