Bill Text: FL S1430 | 2013 | Regular Session | Introduced

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Bill Title: Homeowner's Insurance

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-05-03 - Died in Banking and Insurance [S1430 Detail]

Download: Florida-2013-S1430-Introduced.html

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       Florida Senate - 2013                                    SB 1430
       
       
       
       By Senator Simpson
       
       
       
       
       18-00158A-13                                          20131430__
    1                        A bill to be entitled                      
    2         An act relating to homeowner’s insurance; amending s.
    3         627.7011, F.S.; providing an additional coverage
    4         option that offers the actual cash value of the
    5         property; making technical and grammatical changes;
    6         providing an effective date.
    7  
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Subsection (1) of section 627.7011, Florida
   11  Statutes, is amended to read:
   12         627.7011 Homeowners’ policies; offer of replacement cost
   13  coverage and law and ordinance coverage options.—
   14         (1) Before Prior to issuing a homeowner’s insurance policy,
   15  the insurer must offer a potential policyholder all each of the
   16  following options:
   17         (a) A policy or endorsement providing that provides that
   18  any loss that is repaired or replaced will be adjusted on the
   19  basis of replacement costs to the dwelling, not exceeding policy
   20  limits, rather than actual cash value, but does not include
   21  including costs necessary to meet applicable laws and ordinances
   22  regulating the construction, use, or repair of any property or
   23  requiring the tearing down of any property, including the costs
   24  of removing debris.
   25         (b) A policy or endorsement that provides that any loss
   26  that is repaired or replaced will be adjusted on the basis of
   27  the actual cash value of the dwelling, not exceeding policy
   28  limits, rather than replacement costs, but does not include
   29  costs necessary to meet applicable laws and ordinances
   30  regulating the construction, use, or repair of any property or
   31  requiring the tearing down of any property, including the costs
   32  of removing debris.
   33         (c)(b) A policy or endorsement providing that, subject to
   34  other policy provisions, provides that any loss that is repaired
   35  or replaced at any location will be adjusted on the basis of
   36  replacement costs to the dwelling, not exceeding policy limits,
   37  rather than actual cash value, and also includes including costs
   38  necessary to meet applicable laws and ordinances regulating the
   39  construction, use, or repair of any property or requiring the
   40  tearing down of any property, including the costs of removing
   41  debris. However, additional costs necessary to meet applicable
   42  laws and ordinances may be limited to 25 percent or 50 percent
   43  of the dwelling limit, as selected by the policyholder, and such
   44  coverage applies only to repairs of the damaged portion of the
   45  structure unless the total damage to the structure exceeds 50
   46  percent of the replacement cost of the structure. An insurer is
   47  not required to offer the make the offers required by this
   48  subsection with respect to the issuance or renewal of a
   49  homeowner’s policy that contains the provisions specified in
   50  paragraph (b) for law and ordinance coverage limited to 25
   51  percent of the dwelling limit, but except that the insurer must
   52  offer the law and ordinance coverage limited to 50 percent of
   53  the dwelling limit.
   54  
   55  This subsection does not prohibit the offer of a guaranteed
   56  replacement cost policy.
   57         Section 2. This act shall take effect July 1, 2013.