Sec. 1. 24-A MRSA §3043 is enacted to read:

§3043.__Amount of coverage set by insured

1. Amount of coverage.__At the time of application for insurance, the amount of insurance coverage for loss of or damage to real property may be determined by the insured without regard to the fair market value of the real property or amount of insurance coverage recommended by an insurer for that real property.

2. Application.__This section applies to policies of insurance, other than automobile insurance and workers' compensation insurance, on risks located or resident in this State that insure against loss of or damage to real property that is used solely for residential purposes.

SUMMARY

This bill allows the insured to determine the amount of insurance coverage for real property without regard to the value of the property or the amount of coverage recommended by an insurer.