The Home Loan Division shall inspect and establish a value for repair of damage which shall be limited to the amount necessary to repair or restore permanent improvements to a condition substantially similar to that which existed prior to the damage. In no event shall the amount of coverage exceed the guaranteed replacement cost value of the property at time of loss. The Home Loan Division shall be the sole judge of the amount necessary to repair or restore such improvements.

Note: Authority cited: Sections 700 and 989.6, Military and Veterans Code. Reference: Sections 987.76(c) and 989.4, Military and Veterans Code.

History

1. Amendment filed 3-24-98; operative 4-23-98 (Register 98, No. 13).

2. Amendment filed 3-24-2026; operative 7-1-2026 (Register 2026, No. 13).