Fire insurance.

Existing law generally regulates classes of insurance, including fire insurance. Existing law defines the measure of indemnity for a loss under a fire insurance policy and prohibits, in the event of a total loss of the insured structure, a policy from limiting or denying payment of the building code upgrade cost or the replacement cost on the basis that the insured has decided to rebuild at a new location or to purchase an already built home at a new location. If an insured decides to purchase an already built home at a new location, this bill would prohibit an insurer from deducting the value of land at the new location from its payment to the insured.