Tex. Insurance Code § 912.155
This is the official text of Tex. Insurance Code § 912.155, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 912.155. REPAIR OR REPLACEMENT OF INSURED PROPERTY.
Official statutory text
(a) The county mutual insurance company's bylaws may authorize the company to require, at its option, that all or a percentage of the money paid for a loss be used to replace or repair the damaged or destroyed property. The requirement may apply equally to personal and real property, including personal and real property exempt from execution, such as a homestead or a building on the homestead. The company may provide in its bylaws that the requirements of Section 862.053 do not apply to its insurance policies.
(b) This section does not apply to a company that meets the requirements of Section 912.308(a)(3), but such a company is subject to Sections 883.154, 883.155, and 883.156.
(b) This section does not apply to a company that meets the requirements of Section 912.308(a)(3), but such a company is subject to Sections 883.154, 883.155, and 883.156.
Status: in_force · Read it on the official government site
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