Residential policy restrictions

Sec. 17. (a) This section applies to a policy of insurance that: (1) covers first party loss to property located in Indiana; and (2) insures against loss or damage to: (A) real property consisting of not more than four (4) residential units, one (1) of which is the principal place of residence of the named insured; or (B) personal property in which the named insured has an insurable interest and that is used within a residential dwelling for personal, family, or household purposes. (b) A policy of insurance described in subsection (a) may not be issued, renewed, or delivered to any person in Indiana if the policy limits a policyholder's right to bring an action against an insurer to a period of less than two (2) years from the date of loss. As added by P.L.173-2007, SEC.10.