Cal. INS § 2058
This is the official text of Cal. INS § 2058, part of California’s Insurance Code — regulates insurance companies and the insurance policies sold in California.
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Official statutory text
Notwithstanding any other provision of law, if a loss arising out of fire is rebuilt or replaced, an insured covered by a valued policy shall receive full payment for the loss up to the face amount of the policy. If the loss is not rebuilt or replaced, an insured covered by a valued policy shall receive either the replacement value of the loss or the face amount of the policy, whichever is less. As used in this section, “valued policy” has the meaning set forth in Section 412.
This section applies only to valued policies issued or renewed on and after July 1, 1992.
This section applies only to valued policies issued or renewed on and after July 1, 1992.
Status: in_force · Read it on the official government site
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