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Panel backs raising county mutual insurance cap to $250,000 to reflect higher replacement costs
Summary
The subcommittee approved HB 18‑26 to increase the maximum cap for Tennessee County Mutual insurance companies from $100,000 to $250,000, citing rising property values and replacement costs for farm equipment and livestock.
Chairman Eldridge explained that HB 18‑26 addresses the exposure cap for Tennessee County Mutual insurance companies, which is currently capped at $100,000. He said property values and the value of insured items such as farm equipment and livestock have risen and that the bill seeks to raise the cap to $250,000 to reflect current replacement costs.
Members asked no substantive questions and the chair called the vote; the clerk reported six ayes and zero nays and the bill was routed to the full insurance committee. No fiscal estimate or actuarial analysis was presented during the subcommittee discussion.
